Anti-Money Laundering and Countering Financing of Terrorism Act 2009

27 Wire transfers: identity requirements

  • (1) A reporting entity that is an ordering institution must identify the originator of a wire transfer that is over the applicable threshold value by obtaining the following information:

    • (a) the originator's full name; and

    • (b) the originator's account number or other identifying information that may be prescribed and allows the transaction to be traced back to the originator; and

    • (c) one of the following:

      • (i) the originator's address:

      • (ii) the originator's national identity number:

      • (iii) the originator's customer identification number:

      • (iv) the originator's place and date of birth; and

    • (d) any information prescribed by regulations.

    (2) However, if the wire transfer is a domestic wire transfer, a reporting entity that is an ordering institution may identify the originator by obtaining the originator's account number or other identifying information that may be prescribed and allows the transaction to be traced back to the originator if the reporting entity that is the ordering institution is able to provide the information specified in subsection (1)(a), (c), and (d) within 3 working days of a request being made by the beneficiary institution.

    (3) Regulations may be made under section 154(1)(c) exempting the reporting entity from the obligation to obtain some or all of the information set out in subsection (1) in relation to a specified transfer or transaction.

    (4) The information obtained by the reporting entity (the ordering institution under subsection (1) or (2), as the case may be) must accompany the wire transfer.

    (5) A reporting entity that is a beneficiary institution must—

    • (a) use effective risk-based procedures for handling wire transfers that are not accompanied by all the information specified in subsection (1); and

    • (b) consider whether the wire transfers constitute a suspicious transaction.

    (6) Any information obtained by a reporting entity that is an intermediary institution must be maintained by that reporting entity with the wire transfer accompanying the information.

    (7) For the purposes of this section, a domestic wire transfer is a wire transfer where the ordering institution, the intermediary institution, and the beneficiary institution are all in New Zealand.