The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) which comes fully into force on 30 June 2013, places obligations on New Zealand's financial institutions and casinos to detect and deter money laundering and terrorism financing. This includes requiring reporting entities to obtain identity information about their customers and to verify that information.

A new code (the Identity Verification Code of Practice 2011) provides a suggested best practice for all reporting entities conducting name and date of birth identity verification on customers (that are natural persons) they have assessed to be low to medium risk.

Although the code is not mandatory, a reporting entity that fully complies with the code is deemed to be compliant with the relevant parts of the AML/CFT Act.