Why do I need to be AML verified?
Anti-Money Laundering (AML) is a piece of legislation enacted by the New Zealand government to deter money laundering. Like all financial providers and banks, we are required to comply with the AML laws.
While “AML” is the typical explanation, the reason we go through this process is to identify:
You are genuinely the person you say you are with your ID.
You have it in your possession.
You are opening the account because you want to – and not because someone else has asked you.
There are very good reasons behind it and it stops criminals from:
Opening accounts and making transfers in your name
Profiteering from criminal activities.
Funding terrorist activities.