The New Zealand Bankers' Association publishes the Code of Banking Practice (PDF 340kB), 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.
Dispute Resolution Principles and Model Litigant Guidelines
The Dispute Resolution Principles set out the principles ANZ and its representatives will adopt when managing individual retail and small business customer complaints, disputes and litigation in New Zealand. The principles incorporate our model litigant guidelines.
ANZ has a strong values based culture that encourages openness, integrity and accountability. ANZ’s Whistleblower Policy (PDF 3.8MB) exists so individuals can freely, and without fear of detriment, raise concerns regarding situations where they believe that someone connected to ANZ has acted in a way that constitutes misconduct. The Policy explains what misconduct means, who can raise whistleblowing concerns and how to raise them, how concerns are investigated and what someone can expect after raising their concerns.
The channels in the Whistleblower Policy are for concerns about misconduct: if you want to raise a customer complaint you can do so with our online complaints form.
Automatic Exchange of Information
Automatic Exchange of Information (AEOI) is a global initiative for the automatic exchange of financial account information between tax authorities. Under AEOI, financial institutions, like banks, must collect information about their customers 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 specific information about customers who are US citizens and US tax residents (US persons).
Under the Tax Administration Act and an agreement New Zealand signed with the United States, New Zealand banks must collect information to determine whether a customer is a US person and disclose specific information about those customers to Inland Revenue. Inland Revenue collates this information and passes it on to the US Internal Revenue Service (IRS). FATCA has been in place since 1 July 2014.
The IRS has registered Australia and New Zealand Banking Group Limited 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
The Common Reporting Standard (CRS) is a set of rules on how countries taking part in the AEOI collect, report, and share financial account information. CRS is led by the OECD and under CRS, participating governments share details of accounts held by foreign tax residents.
Under the Tax Administration Act and international agreements New Zealand has signed, we need to comply with CRS. CRS requires financial institutions 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). New Zealand financial institutions provide this information to Inland Revenue yearly, and Inland Revenue may then share the information with tax authorities overseas. CRS has been in place in New Zealand since 1 July 2017.
When you open new accounts with us, you’ll need to complete a self-certification for both FATCA and CRS under New Zealand law and the results may be serious if you don’t or if the information you give is incomplete or incorrect. Under New Zealand law, there may be fines that apply and we may not be able to open accounts for you or may need to close or freeze existing accounts.
Find out more about AEOI on the ANZ Australia website. This contains links to the country-specific self-certification forms and tax authority sites.
Prescribed Transaction Reporting
Since 1 November 2017 the AML/CFT Act has required all banks to report “Prescribed Transactions” to the NZ Police Financial Intelligence Unit. Prescribed transactions are large cash transactions of $10,000 NZD or more; and international money transfers of $1,000 NZD or more. This increased transparency helps to prevent financial crime in New Zealand by making money laundering and terrorist financing more difficult to hide, as well as improving the detection and disruption of organised crime, fraud and tax evasion.