ico 490 Grey Street
Hamilton East

The AML rules and how they will affect your application for a car loan

If you are applying for a car loan to finance your new car, you may be affected by AML.  Operating leases are exempt from AML rules.

The Anti Money Laundering and countering financing of Terrorism act (2009) “AML” came into effect in June 2013.  As a result of the changes, all finance companies, banks and credit unions are now required to collect more customer information.  Regardless of which lender we place your car loan with Ebbett Volkswagen will be required to collect this information on behalf of the lender.

The nature of the information we are required to gather and how it is verified and confirmed varies between entities.  Here’s how the requirements of AML apply to different types of entities and private individuals.
 
Limited liability company
Persons required to provide information All authorised Directors and personnel and all Shareholders with greater than a 25% shareholding
Information required Original or certified copies of:
  • One form of primary photo ID (refer list A for acceptable forms of ID); or two forms of non-photo ID , one from list B  and a further from either list B or C
  • Date of birth 
Must also confirm:
  • Country of domicile
  • Citizenship; and
  • Proof of address (i.e. Utility bill, Bank statement)

Trust
Persons required to provide information All Trustees and Settlors (note also that any Trustees that are companies will need to provide details as per the Limited liability companies section above)
Information required Original or certified copies of:
  • One form of primary photo ID (refer list A for acceptable forms of ID); or two forms of non-photo ID , one from list B  and a further from either list B or C
  • Date of birth 
Must also confirm:
  • Copy of Trust Deed
  • Full name and date of birth of all Trust beneficiaries if 10 or less
  • Proof of address (i.e. Utility bill, Bank statement)

Private individuals, sole traders and partnerships
Persons required to provide information All individuals, and for partnerships any partner with greater than 25% ownership
Information required Original or certified copies of:
  • One form of primary photo ID (refer list A for acceptable forms of ID); or two forms of non-photo ID , one from list B  and a further from either list B or C
  • Date of birth
  • Partnership agreement (where there is one) 
Must also confirm:
  • Country of birth
  • Citizenship
  • Office address (if applicable for sole trader and partnerships)
  • Proof of residential address (i.e. Utility bill, Bank statement)

 

Certifying your information

Certifying your information in dealership

Any original ID or required document can we sighted, copied and certified by our Business Manager.


Acceptable Referees for ID certification

Alternatively your original ID can be certified by a third party (away from the dealership) by a:
  • Justice of the Peace
  • Registered Teacher
  • Member of the NZ Police
  • Registered Medical Doctor
  • Minister of Religion
  • Lawyer
  • Member of Parliament, or
  • Chartered Accountant.
The person who certifies your documents cannot be a relative, member of your extended family group, a spouse or partner or live at the same address. They must be in no position to benefit from the financial transaction. On the front of the certified copy of the ID you must have: Certifier’s Name, Occupation, Phone Number, Date of Certification and the following signed statement: “I certify that this is a true copy of the original ID sighted by me. If the original contained a photograph of the applicant then I have used that to verify their identity.”


Electronic ID check

Individuals can also opt for a Veda Identity Plus ID check by completing the Veda Section a consent form provided by our Business Manager.
 

Identify requirements list

List A – Acceptable photographic identity documents:

  • A current New Zealand photographic driver licence which will be passed through external driver licence verification.
  • Passport
  • NZ Firearms LicenceThese must be current and contain the individual’s name, date of birth, photograph and signature.

List B – Acceptable non-photographic identity document:

  • NZ bank issued document e.g. credit card, EFTPOS card, etc.
  • NZ bank statement
  • NZ Government issued document e.g. Supergold card
  • A financial statement issued by NZ Government e.g. IRD statement
  • New Zealand full birth certificate
  • Certificate of New Zealand citizenship
  • Citizenship certificate issued by foreign government
  • NZ Community services card
  • National identity card issued by a foreign government
  • NZ temporary driver licence
These must be current or, in the case of financial statements, less than 12 months old.
 

List C – Acceptable secondary photographic identity document:

  • Overseas driver licence
  • 18+ Card
  • Valid and current international driver permit
These must be current and contain the individual’s name, date of birth, photograph and signature

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About Ebbett

Choose your new vehicle with confidence knowing that Ebbett has been a trusted name in the automobile business since 1928. With seven dealerships throughout the North Island, representing eleven of the finest automobile marques in the world, the Ebbett Group offers you a large selection of new cars, used cars and light commercials, with delivery able to be arranged nationwide.

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“We are so happy with the car and the service that we received"

Barbara and Peter Willy
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