Code of Banking Practice

The New Zealand Bankers' Association publishes the Code of Banking Practice (PDF 316KB), which sets out the standards of good banking practice when dealing with customers. As a member of the Association, ANZ has committed to support the standards set out in the code.

ANZ Sanctions Policy

Automatic Exchange of Information

AEOI is the exchange of financial account information between Tax Authorities in relevant countries. The law requires this information to be collected by Financial Institutions around the world for reporting to Tax Authorities. AEOI is made up of two information sharing frameworks:

Foreign Account Tax Compliance Act

Under the US Foreign Account Tax Compliance Act (FATCA), financial institutions around the world must provide the US Internal Revenue Service with relevant information about customers who are US persons. Under an agreement New Zealand signed with the United States, and amendments to the Tax Administration Act, New Zealand banks must now collect information to determine whether a customer is a US person and disclose required information to the Inland Revenue. Inland Revenue collates this information and passes it on to the US Internal Revenue Service.

The US Internal Revenue Service (IRS) has registered Australia and New Zealand Banking Group Limited (ANZBGL) and its related entities, including ANZ Bank New Zealand Limited, and issued Global Intermediary Identification Numbers (GIINs) to show we comply with FATCA.
 

Common Reporting Standard

Under the Common Reporting Standard (CRS), details of foreign tax resident accounts are shared between participating Governments.

CRS requires financial institutions around the world to collect a self-certification from customers about their tax residency status, and if applicable, collect other related tax information including countries of foreign tax residence and Tax Identification Numbers (TINs), then report this information to Inland Revenue.

Inland Revenue will then report the account and customer information to the relevant foreign tax authorities where New Zealand has agreements to exchange this information with them.

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