The RBNZ found that during the period June 2013 to June 2014, Kiwibank did not always have fully compliant procedures in relation to customer due diligence (CDD) requirements.
This included:
· Requirements for some existing customers to “top up” their identification details (new or additional information) to the required standard
· Performing of certain checks for customers considered high risk persons
· Verification of the source of funds for certain high risk customers
· The collecting of address information for customers who might conduct occasional transactions in a Kiwibank branch
Kiwibank said it accepted it did not meet some of the requirements and had taken steps to remedy the issues identified.
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