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The document IR997 outlines the process for non-residents or offshore individuals to apply for an IRD number in New Zealand, emphasizing the need for customer due diligence. It details steps to contact a New Zealand reporting entity and provides options for confirming compliance with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.

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2019	4.8 Satisfied (208 Votes)
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Why is CDD required?

The CDD process helps banks understand and manage their entire client risk base, and prevent financial crimes like money laundering and fraud. CDD is a process used to verify a persons identity - usually through documentation or data checks - and to assess any risk associated with them.

What is the purpose behind conducting customer due diligence?

The primary purpose of CDD is to help businesses establish their customers are not involved in illegal activity and are who they say they are. CDD aims to prevent organised financial crime, including money laundering and terrorist funding, and associated crime like money muling and drug cartels.

What is the meaning of IRD in New Zealand?

Inland Revenue or Inland Revenue Department (IRD; Māori: Te Tari Taake) is the public service department of New Zealand charged with advising the government on tax policy, collecting and disbursing payments for social support programmes, and collecting tax. Inland Revenue.

Why is customer due diligence required?

CDD plays a crucial role in minimising money laundering and terrorism financing. Institutions can avoid being used for illicit purposes by detecting and reporting suspicious activity by authenticating customer identities and monitoring their financial activities.

What is a tax ID number in New Zealand?

New Zealand does not use TINs. Our equivalent is the Inland Revenue Department Number (IRD) for individuals and the New Zealand Business Number (NZBN) for businesses.

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Why is customer due diligence important?

Customer Due Diligence is a crucial tool in the fight against money laundering, a crime that involves disguising the proceeds of illegal activities as legitimate funds. Money launderers often use financial institutions and other businesses to transfer and conceal illicit funds.

Do I need an IRD number to work in NZ?

You need an IRD number for any tax-related obligations you have or entitlements you get. Common examples of when you need an IRD number include: earning income, for example from a job, benefit or investment. opening a bank account.

What is the primary purpose behind customer due diligence?

In the banking sector, Customer Due Diligence plays a critical role in preventing financial crimes such as money laundering and fraud. Banks are required to establish the identity of their customers, verify the source of their funds, and assess their risk profiles.