When you open an account for a company, trust, or partnership, we're required by law to verify the organisation and the people who own or control it. This is part of our obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act), and every provider has to do it.
In practice, this means we'll:
Confirm the organisation exists and who's behind it (using the NZBN register, your trust deed, and a few questions),
Verify the identity of the key individuals, and
Ask about the organisation's source of funds and wealth and how it plans to use Sharesies.
The good news
Most of this is fast, and largely automated. We pull company information from the NZBN register and read key details from your trust deed, so there's less for you to enter. Everyone can verify their identity online, from home.
To see how we handle your personal information, read our privacy policy: https://www.sharesies.nz/privacy-policy