Amended Identity Verification Code of Practice 2013

Updated in December 2013

What is this code of practice for?

This code of practice provides a suggested best practice for all reporting entities conducting name and date of birth identity verification on customers (that are natural persons) that have been assessed to be low to medium risk. Identification involves obtaining from the customer a range of information about him or her (“identity information”). Verification involves confirming some of that information against documents, data or information obtained from a reliable and independent source.

Under section 11 of the AML/CFT Act a reporting entity must conduct customer due diligence on a customer; a beneficial owner of a customer; and any person acting on behalf of a customer. In this code of practice, customer refers to all natural persons that fall within these categories assessed by reporting entities as low to medium risk.

This code of practice provides for two ways of conducting identity verification, via documentary verification and electronic verification (Parts 1 and 3 of the code). Part 2 of the code provides for the certification of documents. This allows for non face-to-face documentary verification.

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