Legal
Money Laundering Regulatory Compliance: Requirements for Regulated Companies in New Zealand
Learn AML compliance requirements in New Zealand for B2B transactions. Stay aligned with AML/CFT regulations while mitigating fraud risk.
Money Laundering Overview
What is money laundering?
It is when someone engages in acts designed to conceal or disguise the true origins of criminally derived process. Money laundering can facilitate crimes such as fraud, tax evasion, drug trafficking and terrorism.
What is its purpose?
To make illegally obtained funds appear legitimate. Any involvement in a transaction that seeks to conceal or disguise the nature, location, source, ownership or controls of such proceeds may constitute money laundering.
Why is it important?
Money laundering regulations and related risk requirements require Multi Service Technology Solutions, Inc. trading as TreviPay (“TreviPay”) to implement customer due diligence and other onboarding requirements when establishing a client or customer relationship.
What does this mean as a potential client or customer of TreviPay?
As TreviPay is a designated reporting entity and is subject to applicable AML and CFT laws including the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 and related regulations, all new clients and customers must be prepared to provide the required information and documentation noted in the onboarding application. These requirements are designed to achieve compliance with regulatory expectations and manage TreviPay’s credit and fraud risk requirements.
What documentation is required?
New Zealand Companies Office
TreviPay will validate application information provided against the current Companies Register including proper registration of business trade names.
Credit & Underwriting
TreviPay will validate data such as company name, tax IDs, business registration and authorised signer identification.
Fraud Red Flags
Fraud risk controls also help protect the client and customer by identifying fraudulent companies or company impersonation. Elements reviewed include websites, IP addresses, emails and digital footprints.
Owner & Control Persons
TreviPay must validate certain identifying information for 25%+ direct or indirect individual owners and a control person, e.g., senior manager.
Government-issued ID/Passport
Subject to local regulations and TreviPay requirements, an ID or ID details may be required.
Payments from Bank Accounts
TreviPay will collect a current bank statement or utility bill to validate your payment bank account matches the applicant's business name.
How do I avoid application approval delays?
- Provide accurate and complete information on the application
- Ensure all applicant trade and business names are properly registered with New Zealand Companies Office
- Information provided that is inconsistent with your the Companies Register will cause a delay
- Respond timely and completely to requests for information and/or clarification
- Ensure the bank statement or utility bill provided is current and matches the applicant business name
Disclaimer
TreviPay is a registered financial services provider (“FSP”) in the provision of ‘Designated Services’ and is a reporting entity under the AML/CFT Act 2009. TreviPay is also registered with an approved Financial Ombudsman service, Financial Services Complaints LTD (“FSCL”). FSP Registration Number is 1001188. FSCL Member Number is 8711.
TreviPayʼs FSP registration subjects it to ongoing supervision by the Department of Internal Affairs including strict client and customer account registration and onboarding compliance requirements in order to operate in New Zealand.
All information collected is subjected to strict recordkeeping, data retention, and privacy standards.