Global FinTech Guide
Country Name
New Zealand
FinTechs belonging to this category provide identification services, which are required for most banking services.


Attitude of the country towards identification services

There are no notable reservations in relation to identification services in New Zealand. New Zealand’s AML laws and regulations demand that in most cases where client funds are handled by professionals the beneficial owners must be identified and, in some cases, the source of wealth of the client be obtained as well.

Legal affairs

Obligations and requirements to provide identification services

There is no licence or registration specific to providing identification services in New Zealand.

Additional comments regarding the legal situation for identification services or what FinTech’s must be aware of in this business area

The Privacy Act 2020 (Privacy Act) and its associated regulations provide a framework for handling personal information in New Zealand. Providing services of this nature will be captured by the Privacy Act. Providers should create a compliant privacy policy and appoint a privacy officer prior to engaging in this business.

Economic conditions

Market size for identification services and biggest companies in this business area

Identification requirements for AML laws have created a notable market. Entities subject to New Zealand AML legislation can either manage their statutory compliance internally or appoint a third party. It can be a lot simpler to contract a third party and it has created competition in this area.

There is insufficient publicly available information to advise on market shares and revenue in this area.

Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area




© 2022, Tompkins Wake. All rights reserved by Tompkins Wake as author and the owner of the copyright in this chapter. Tompkins Wake has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.


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