Summary


This article will outline how First AML verify entities who provide a Section 33 Letter under New Zealand AML legislation. 


First AML will first confirm with our customers compliance team if they are willing to accept a section 33 letter in lieu of full verification of the individual(s) or entities. 


Refer to section 33, AML/CFT Act 2009.



Who do we verify?


No individual or entity will be verified.




What do we verify?


A letter from the person or reporting entity we are relying on, detailing that;

  1. They are a reporting entity; or
  2. A person who is resident in a country with sufficient AML/CFT systems in place and who is supervised or regulated for AML/CFT purposes; and
  3. The person has a business relationship with the customer concerned; and
  4. The person has conducted relevant CDD procedures to at least the standard required by the Act and regulations and has provided to the reporting entity—
    1. Relevant identity information before the reporting entity establishes a business relationship or an occasional transaction or activity is conducted; and
    2. Relevant verification information within 5 working days of the request; and
    3. The person consents to conducting the customer due diligence procedures for the reporting entity and to providing all relevant information to the reporting entity