Guide to identity checking
Identity checking prior to lending is a legal requirement in New Zealand.
Why do you have to check my identity?
Sending us your identity documents
Why do you have to check my identity?
The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 requires lenders to complete rigorous identity checking on certain people in lending transactions. No lender can loan you money without completing identity checking.
We will complete identity checking on:
- All directors of your business who sign loan documents
- All shareholders with more than 25% shareholding
- Any other interested parties, eg guarantors
What does it involve?
In some cases, you only need to send copies of photo ID and proof of address.
Occasionally we may need those copies of ID and proof of address to be certified. There are lots of options for fulfilling the requirements and we are happy to talk those through with you.
What does “certified” mean?
It means that a “trusted referee” has seen the copies and originals of the documents and signs the copies to verify that they are true copies. In the case of bank statements and other forms of proof of address that you are sending to us electronically, they may verify that they are original documents.
A trusted referee could be anyone from the following list:
Lawyer
Justice of the Peace
Registered accountant
Minister of Religion
Kaumatua
Registered teacher
Police Constable
A trusted referee cannot be a member of your family or someone who lives in the same house as you.
If we see you personally, we are also able to certify your documents.
Sending us your identity documents
Use the handy upload additional documents page to send us your certified copies. Or email them to us at office@businessfinance.co.nz
When a trust is a shareholder
If a trust holds 25% or more of the shareholding of your business, we will require:
A certified copy of the trust deed and any other supporting documents, such as transfer of shares and associated documents
A statement describing the source of wealth of the trust
Identity checking on trustees
A list of names and dates of birth of the beneficiaries
Where to get more information
Identity Verification Code of Practice