With our AML self service tool the power is in your hands.
Watch the video below and see how easily you can verify your customers identity.
AML Self Service Tool
Use our new tool when you want instant results.
Our self service IDV is as easy as 1, 2, 3:
Enter your details into the AMLOnline Portal or get the customer to do it themselves with our online form.
Their details are run through reliable and trusted data sources.
The report is instantly delivered to your Compliance Officer.
Trusted and secure, we are the first AML outsource provider to be awarded the Privacy Trust Mark.
Why Identity Checks Are Important
It's estimated that over $1 billion a year comes from drug dealing and fraud, and this can be laundered through New Zealand businesses, risking our reputation and economic strength. The Anti Money Laundering and Countering Financing of Terrorism Act 2009 was passed to protect New Zealand and everything we love about it.
Money laundering is carried out by hiding identities. The essence of the AML law is to see through these layers to find out who is behind the funds, and where they come from.
This all means you are required to identify yourself and show who the 'controlling mind' is of artificial persons (companies, trusts and so on), and you will sometimes be required to demonstrate where funds come from.
Different Types Of Checks
Politically Exposed Persons (PEPs) and Sanction Screening
A politically exposed person is any individual, who at any time in the proceeding 12 months, in any overseas country, has held a position of certain prominent public function.
The TIC Company carries out PEP checks during both standard and enhanced due diligence processes, to ensure these individuals are not vulnerable to corruption. PEPs will then be recorded in a reporting entities PEP register.
Sanction screening is undertaken to ensure that an entity is not registered on a sanction list, and therefore does not pose a risk.
Electronic Identity Verification (eIDV)
eIDV is the process of verifying a persons identity remotely through digital means. Identification documents may include passport, drivers license or other official government issued documents.
This will help verify a customers identity, but for more in-depth verification, customer due diligence should be used.
Customer Due Diligence (CDD)
Customer Due Diligence is the process of gathering information about, and verifying a customers identity.
These comprehensive checks will help determine if an individual poses a risk to an organisation in areas such as money laundering or financing terrorism, and is actually who they say they are.