New Zealand Legislation: Bills

25 Wire transfers: verification of identity requirements

• (1) The ordering institution must, according to the level of risk involved,—

  • (a) verify the originator's identity so that the reporting entity is satisfied that the information provided under section 24 is current and correct; and

  • (b) verify any other information prescribed by regulations.

  (2) Verification of the originator's identity must be carried out before the wire transfer is ordered.