Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Standard customer due diligence

14 Circumstances when standard customer due diligence applies

(1)

A reporting entity must conduct standard customer due diligence in the following circumstances:

(a)

if the reporting entity establishes a business relationship with a new customer:

(b)

if a customer seeks to conduct an occasional transaction or activity through the reporting entity:

(c)

if, in relation to an existing customer, and according to the level of risk involved,—

(i)

there has been a material change in the nature or purpose of the business relationship; and

(ii)

the reporting entity considers that it has insufficient information about the customer:

(d)

any other circumstances specified in subsection (2) or in regulations.

(2)

For the purposes of subsection (1)(d), as soon as practicable after a reporting entity becomes aware that an existing account is anonymous, the reporting entity must conduct standard customer due diligence in respect of that account.

(3)

Despite subsections (1) and (2), a real estate agent must conduct standard customer due diligence at the times, and with any other modifications, specified in regulations.

Section 14(1)(b): amended, on 11 August 2017, by section 68 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 14(1)(d): replaced, on 11 August 2017, by section 10(1) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 14(2): inserted, on 11 August 2017, by section 10(2) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 14(3): inserted, on 11 August 2017, by section 10(2) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).