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What is AML?

Anti-money laundering (AML) requirements were introduced to help detect and discourage money laundering and terrorism financing. Money laundering is when money earned from illegal activity is made to look as though it came from legal sources, to help criminals cover their tracks. The AML law means banks, lenders and other financial businesses have to take specific steps to accurately check a customer’s identity and sometimes their financial activity.


What do banks have to do for AML requirements?

All banks have to do the same checks, but they may have different ways of doing them. They all have to:

  • Confirm the true identity of new customers

  • Repeat this for existing customers, in some circumstances

  • Keep an eye on customer transactions

  • Report suspicious activity and certain transactions


What do the AML requirements mean for bank customers?

Whenever you…

  • Open an account

  • Apply for a loan

  • Give someone else authority to operate your account

  • Ask to have a large sum (from something like an investment) paid into a bank account

  • Want to send or receive money from overseas


You are likely to be asked for…

  • Photo ID (passport/driver licence)

  • Proof of address, such as a utility bill with your name and address on it

  • Confirmation of your Inland Revenue (IRD) number

  • A bank statement for any account you want large sums paid into


From time to time, a bank may also want to check the AML information they have about you is still up to date.



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© 2023 by Jess Pronk Mortgages. 

JESSICA PRONK NEE BARLOW GIVES FINANCIAL ADVICE THROUGH HER COMPANY JESSICA PRONK

FINANCIAL SERVICES LIMITED TRADING AS THE MORTGAGE SUPPLY CO

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