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AML/CFT amended identity verification code of practice 2013

Page last updated: 14 Dec 2017

This provides a suggested best practice for all reporting entities conducting name and date of birth identity verification on customers (that are natural persons) they have assessed to be low to medium risk.

AML/CFT amended identity verification code of practice 2013Complying with a code of practice is not mandatory, although it constitutes a safe harbour. If a reporting entity fully complies with the code it is deemed to be compliant with the relevant parts of the Act. If a reporting entity opts out of the code, it must inform its supervisor and must adopt practices that are equally effective, otherwise, it risks non-compliance.

 

 


Related

Identity Verification Code of Practice – Explanatory Note Updated in December 20Identity Verification Code of Practice – Explanatory Note Updated in December 2017

This 2017 version has been expanded to include more explanation of supervisor expectations about Part 3 of the Code of Practice, electronic verification.