Discussion Paper: Updating the Identity Verification Code of Practice

Department of Internal Affairs, Reserve Bank of New Zealand and Financial Markets Authority

NZBA welcomes a number of proposed changes to the IVCOP, which in our view will provide welcome clarity, flexibility and streamlining while still maintaining the necessary quality of verification and assurance.

However, we consider other proposals will negatively impact customers by increasing friction in the onboarding process, and note that a number of proposals are likely to be cumbersome and problematic for larger reporting entities.