What you need to know...
What is Anti-Money Laundering?
Anti-Money Laundering legislation came into effective on 30 June 2013 and means that when applying to become a customer we need to collect and retain more specific information to verify your identity. The purpose of this Act is to prevent criminals from using New Zealand bank accounts to disguise illegitimately sourced money and prevent the illegal transfer of funds. As a bank, we are responsible to the Reserve Bank of New Zealand for compliance to this requirement. For more information on the Anti Money Laundering & Countering Financing of Terrorism Act please visit www.rbnz.govt.nz
How does Electronic Verification work?
You have the option to have your identity verified electronically or by providing certified identity documentation. Providing consent to verify your identity electronically allows us to verify your details against external data sources and therefore streamline the account opening process.
We do this by providing your details securely to a third party which specialises in electronic identity verification. The details you have provided are verified against data from a number of NZ data sources. Your details will not be forwarded to other third parties or used for any other purpose; read our privacy statement.
Electronic identity verification is optional, however it means less documentation you need to send us.
If the electronic identity verification is not successful (which means that we are unable to sufficiently match your information against the data sources), we will need certified identity documents. In this situation you will be advised during the application process of any additional documentation requirements.
Branch ID Certification Option
If you would prefer to get your documents verified in person, this can be done at any Rabobank New Zealand branch. You can find the list of branches here.