New Zealand Legislation: Bills

12 Circumstances when standard customer due diligence applies

• A reporting entity must conduct standard customer due diligence in the following circumstances:

  • (a) if the reporting entity establishes a business relationship with a new customer:

  • (b) if a customer seeks to conduct an occasional transaction through the reporting entity:

  • (e) if, in relation to an existing customer, and according to the level of risk involved,—

    • (i) there has been a material change in the nature or purpose of the business relationship; and

    • (iv) the reporting entity considers that it has insufficient information about the customer:

  • (f) any other circumstances specified in regulations.