Identity verification requirements 'empire building'
Adviser Tom Watson has been lobbying MPs and Government ministers about his concerns regarding the identity verification process required to comply with the AML supervisors' identity verification code of practice.
That code requires that any copied ID documents have been certified by a trusted referee within the past three months.
Watson said he had no problem with the AML/CFT legislation, which set out that all reasonable steps had to be taken to ensure ID information was accurate.
But he said the code of practice was the FMA "empire building" and adding extra requirements.
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