New Zealand has strict Anti-Money Laundering and Counter Financing of Terrorism laws (AML/CFT). These laws help to prevent criminals from using the proceeds of illegal activity and stop funds from making their way to terrorist organisations.
To comply with these laws, all financial service providers must conduct customer identification checks on all customers. These are commonly referred to as Know Your Business (KYB) and Know Your Customer (KYC) checks.
It is a legal requirement that we complete these checks before you can use Weel.
More information can be found on the Financial Markets Authority website, the New Zealand government agency responsible for the prevention, detection and response to financial crime in New Zealand.