What is AML and why is it required?
As with many businesses in New Zealand, LATITUDE TECHNOLOGIES LIMITED also known as LATIPAY is subject to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). The purpose of this law is to ensure that we keep New Zealand free from illegal activity conducted through businesses and financial institutions, which include us!
The AML/CFT Act places obligations on LATIPAY, such as:
- A requirement to know our customers
- A requirement to verify the identity of customers before we establish a business relationship with you.
- In some cases, a requirement to verify the source of a customer’s wealth or the source of a customer’s funds
Please refer to the below if your business is a company, sole trader, partnership, trusts, or Others
| Type of Customer | Documents Required |
| Company (Business Entity) | – Valid Identification for all directors and shareholders that owns >25% shareholding (New Zealand Entity) – Valid Identification for all directors and shareholders that owns no less than 25% (Australia Entity) – Business Bank Statement (Latest 3 months, within 12 months) – Proof of Address (Utility Bill/Bank Statement etc) |
Sole Trader Partnerships | – Valid Identification of YOU and the partner! If you are not registered through NZBN on the Company’s Office, to verify your address, please provide substantial information i.e. GST Registration， IRD/Tax Statement, Bank Statement, or any other supporting document – Proof of Address (Utility Bill/Bank Statement etc) |
| Trusts | – A Copy of the Trust Deed – Valid Identification of the Beneficial Owners. – Proof of Address (Utility Bill/Bank Statement) – Source of Fund |
If your entity is per below: a) A Public Service Agency b) Local Authority c) A body/ Trustee Corporation d) A Government body e) A company, or a subsidiary of the Companies ACT 1993 – is listed in New Zealand or an overseas stock exchange with sufficient disclosure requirements. | – Valid Identification of the person acting on behalf of your company/Government Body – The person’s authority to act for your company so that we are satisfied to know the person and have the authority to act on behalf. – Proof of Address of the person acting on behalf – Business Bank Statement |
FAQ :
What kind of ID should I provide?
Please provide either of the following primary photographic identification (1) :
| Primary Photographic Identification (1) | Remark |
| New Zealand Passport | Clear copy with all 4 corners included. |
Overseas Passport Example: China, Australia, etc | · contains the name, date of birth, photograph, and signature of the person in whose name the document is issued; and · is issued by a foreign government, the United Nations, or an agency of the United Nations |
National ID Card (China ID Card) | · contains the name, date of birth, and a photograph of the person in whose name the document is issued and their signature or other biometric measure included where relevant; and · ii. Is issued by a foreign government, the United Nations, or an agency of the United Nations. |
* IF you are providing a Chinese Passport, you are required to provide us with your ID Card No.
OR If you were to provide a Driver’s License(1), you must provide another Secondary ID (2) as follow:-
| ID Type (1) | Secondary ID (2) |
New Zealand Driver’s License or Australia Driver License | · Bank Card (Example: Credit Card, Debit Card or Eftpos Card) OR · Bank Statement OR · Supergold Card OR · A statement issued by a government agency (Example: IRD/Tax Statement) |
*Where documents are not in English, please ensure documents are being translated except for China National ID.
*LATIPAY reserves the right to request additional documents or IDs should we find the information/document provided is insufficient/invalid.
Appendix 1: Acceptable Document (ID) Sample
The copy of the ID provided to be:
- Bright and clear (good quality)
- Uncut (all corners of the document should be visible)
Passport Sample:
Valid Driving License (or Other Secondary ID that is issued by your local regulator (government-issued).
It must be accompanied together with Bank Card (that has your personal name together with your signature on it for verification purposes.) OR personal bank statement issued by a registered bank within the last 12 months.
Sample:
**For your safety and privacy issues, you are advised to censor sensitive information like CVC Code.
