Information

Anti-Money Laundering and Countering Financing of Terrorism Act

New Zealand's long awaited anti-money laundering laws are now in place, almost four years after Parliament passed the Anti-Money Laundering and Countering Financing of Terrorism Act.

Passed by Parliament in October 2009, the Act's aims are to detect and deter money laundering and the financing of terrorism, maintain and enhance New Zealand's international reputation by adopting, where appropriate in the New Zealand context, recommendations issued by the Financial Action Task Force, an inter-governmental body established by the Group of Seven (G7), and to contribute to public confidence in the financial system. The Act took effect from Sunday, - June 30.

For FAQs on the way AML/CFT may affect FHLs customers please click here.

FHL is now required by law to report any suspicious transactions direct to the Department of Internal Affairs (DIA) effective 30 June 2013.

Financial Advisers Act and registration

Financial Holdings Ltd is a registered financial services provider and is licensed by the Financial Markets Authority.

FSP number: FSP26106

Dispute resolution scheme

Insurance & Savings Ombudsman Scheme
Level 7, 99-105 Customhouse Quay
Wellington 6011
http://www.iombudsman.org.nz

Financial Services

Financial Holdings is registered to provide the following financial services:
Providing credit under a credit contract service.

Who to contact with a problem

Financial Holdings endeavours to look after its customers; however from time to time, problems can occur.

In the first instance, talk to the staff member in the branch or ask to speak with their manager. The majority of problems can usually be sorted out in this manner.

What if the problem is more serious or you are not satisfied with the manager's response?

If you are not satisfied or you think the problem is a serious one, please write to:

The Compliance Manager
Financial Holdings Ltd
PO Box 11 512
Ellerslie
Auckland 1542

Our internal complaints policy notes that we will acknowledge your complaint within 3 days and respond, in writing, to you within 14 days. Sometimes problems need more investigation and will take longer; in such instances we will keep you informed of our progress.

What happens if you are still not satisfied?

Though we will do our utmost to resolve any problem, if you are not satisfied and we reach a deadlock, then you can contact the Insurance and Savings Ombudsman for assistance.

Write to the Insurance and Savings Ombudsman:

Office of the ISO PO Box 10-845 Wellington 6143 NEW ZEALAND
Or phone the ISO:
Freephone: 0800 888 202

Definitions
Financial Holdings Limited herein referred to as “FHL”

Principle 1 Purpose of collection of personal information
Personal information shall not be collected by FHL unless
(a) The information is collected for a lawful purpose connected with a function or activity of FHL; and
(b) The collection of the information is necessary for that purpose.
Principle 2 Source of personal information
(1) Where FHL collects personal information, FHL shall collect the information directly from the individual concerned.
(2) It is not necessary for FHL to comply with subclause (1) of this principle if FHL believes, on reasonable grounds;-
(a) That the information is publicly available information; or
(b) That the individual concerned authorises collection of the information from someone else; or
(c) That non-compliance would not prejudice the interests of the individual concerned; or
(d) That non-compliance is necessary:-
(i) To avoid prejudice to the maintenance of the law by any public sector agency, including the prevention, detection, investigation, prosecution, and punishment of offences; or
(ii) For the enforcement of a law imposing a pecuniary penalty; or
(iii) For the protection of the public revenue; or
(iv) For the conduct of proceedings before any court or tribunal (being proceedings that have been commenced or are reasonably in contemplation); or
Principle 2 subclause (2)(d)(iv) was amended, as from 3 September 1996, by section 3 Privacy Amendment Act 1996 (1996 No 142) by substituting the word “tribunal” for the word “Tribunal”.
(e) That compliance would prejudice the purposes of the collection; or
(f) That compliance is not reasonably practicable in the circumstances of the particular case; or
(g) That the information—
(i) Will not be used in a form in which the individual concerned is identified; or
(ii) Will be used for statistical or research purposes and will not be published in a form that could reasonably be expected to identify the individual concerned; or
(h) That the collection of the information is in accordance with an authority granted under section 54 of this Act.
Principle 3 Collection of information from subject
(1) Where FHL collects personal information directly from the individual concerned, FHL shall take such steps (if any) as are, in the circumstances, reasonable to ensure that the individual concerned is aware of;-
(a) The fact that the information is being collected; and
(b) The purpose for which the information is being collected; and
(c) The intended recipients of the information; and
(d) The name and address of:-
(i) agency that is collecting the information; and
(ii)agency that will hold the information; and
(e) If the collection of the information is authorised or required by or under law;-
(i) The particular law by or under which the collection of the information is so authorised or required; and
(ii) Whether or not the supply of the information by that individual is voluntary or mandatory; and
(f) The consequences (if any) for that individual if all or any part of the requested information is not provided; and
(g) The rights of access to, and correction of, personal information provided by these principles.
(2) The steps referred to in subclause (1) of this principle shall be taken before the information is collected or, if that is not practicable, as soon as practicable after the information is collected.
(3) FHL is not required to take the steps referred to in subclause (1) of this principle in relation to the collection of information from an individual if FHL has taken those steps in relation to the collection, from that individual, of the same information or information of the same kind, on a recent previous occasion.
(4) It is not necessary for FHL to comply with subclause (1) of this principle if FHL believes, on reasonable grounds;-
(a) That non-compliance is authorised by the individual concerned; or
(b) That non-compliance would not prejudice the interests of the individual concerned; or
(c) That non-compliance is necessary—
(i) To avoid prejudice to the maintenance of the law by any public sector agency, including the prevention, detection, investigation, prosecution, and punishment of offences; or
(ii) For the enforcement of a law imposing a pecuniary penalty; or
(iii) For the protection of the public revenue; or
(iv) For the conduct of proceedings before any court or tribunal (being proceedings that have been commenced or are reasonably in contemplation); or
Principle 3 subclause (4)(c)(iv) was amended, as from 3 September 1996, by section 3 Privacy Amendment Act 1996 (1996 No 142) by substituting the word “tribunal” for the word “Tribunal”.
(d) That compliance would prejudice the purposes of the collection; or
(e) That compliance is not reasonably practicable in the circumstances of the particular case; or
(f) That the information—
(i) Will not be used in a form in which the individual concerned is identified; or
(ii) Will be used for statistical or research purposes and will not be published in a form that could reasonably be expected to identify the individual concerned.
Principle 4 Manner of collection of personal information
Personal information shall not be collected by FHL;-
(a) By unlawful means; or
(b) By means that, in the circumstances of the case;-
(i) Are unfair; or
(ii) Intrude to an unreasonable extent upon the personal affairs of the individual concerned.
Principle 5 Storage and security of personal information
Where FHL holds personal information FHL shall ensure;-
(a) That the information is protected, by such security safeguards as it is reasonable in the circumstances to take, against;-
(i) Loss; and
(ii) Access, use, modification, or disclosure, except with the authority of the agency that holds the information; and
(iii) Other misuse; and
(b) That if it is necessary for the information to be given to a person in connection with the provision of a service to FHL, everything reasonably within the power of FHL is done to prevent unauthorised use or unauthorised disclosure of the information.
Principle 6 Access to personal information
(1) Where an agency holds personal information in such a way that it can readily be retrieved, the individual concerned shall be entitled—
(a) To obtain from the agency confirmation of whether or not the agency holds such personal information; and
(b) To have access to that information.
(2) Where, in accordance with subclause (1)(b) of this principle, an individual is given access to personal information, the individual shall be advised that, under principle 7, the individual may request the correction of that information.
(3) The application of this principle is subject to the provisions of Parts 4 and 5 of this Act.
Principle 7 Correction of personal information
(1) Where an agency holds personal information, the individual concerned shall be entitled—
(a) To request correction of the information; and
(b) To request that there be attached to the information a statement of the correction sought but not made.
(2) An agency that holds personal information shall, if so requested by the individual concerned or on its own initiative, take such steps (if any) to correct that information as are, in the circumstances, reasonable to ensure that, having regard to the purposes for which the information may lawfully be used, the information is accurate, up to date, complete, and not misleading.
(3) Where an agency that holds personal information is not willing to correct that information in accordance with a request by the individual concerned, the agency shall, if so requested by the individual concerned, take such steps (if any) as are reasonable in the circumstances to attach to the information, in such a manner that it will always be read with the information, any statement provided by that individual of the correction sought.
(4) Where the agency has taken steps under subclause (2) or subclause (3) of this principle, the agency shall, if reasonably practicable, inform each person or body or agency to whom the personal information has been disclosed of those steps.
(5) Where an agency receives a request made pursuant to subclause (1) of this principle, the agency shall inform the individual concerned of the action taken as a result of the request.
Principle 8 Accuracy, etc, of personal information to be checked before use
An agency that holds personal information shall not use that information without taking such steps (if any) as are, in the circumstances, reasonable to ensure that, having regard to the purpose for which the information is proposed to be used, the information is accurate, up to date, complete, relevant, and not misleading.
Principle 9 FHL not to keep personal information for longer than necessary
Where FHL holds personal information it shall not keep that information for longer than is required for the purposes for which the information may lawfully be used.
Principle 10 Limits on use of personal information
Where FHL holds personal information that was obtained in connection with one purpose it shall not use the information for any other purpose unless FHL believes, on reasonable grounds,—
(a) That the source of the information is a publicly available publication; or
(b) That the use of the information for that other purpose is authorised by the individual concerned; or
(c) That non-compliance is necessary—
(i) To avoid prejudice to the maintenance of the law by any public sector agency, including the prevention, detection, investigation, prosecution, and punishment of offences; or
(ii) For the enforcement of a law imposing a pecuniary penalty; or
(iii) For the protection of the public revenue; or
(iv) For the conduct of proceedings before any court or tribunal (being proceedings that have been commenced or are reasonably in contemplation); or
Principle 10 paragraph (c)(iv) was amended, as from 3 September 1996, by section 3 Privacy Amendment Act 1996 (1996 No 142) by substituting the word “tribunal” for the word “Tribunal”.
(d) That the use of the information for that other purpose is necessary to prevent or lessen a serious and imminent threat to—
(i) Public health or public safety; or
(ii) The life or health of the individual concerned or another individual; or
(e) That the purpose for which the information is used is directly related to the purpose in connection with which the information was obtained; or
(f) That the information—
(i) Is used in a form in which the individual concerned is not identified; or
(ii) Is used for statistical or research purposes and will not be published in a form that could reasonably be expected to identify the individual concerned; or
(g) That the use of the information is in accordance with an authority granted under section 54 of this Act.
Principle 11 Limits on disclosure of personal information
Where FHL holds personal information it shall not disclose the information to a person or body or agency unless FHL believes, on reasonable grounds,—
(a) That the disclosure of the information is one of the purposes in connection with which the information was obtained or is directly related to the purposes in connection with which the information was obtained; or
(b) That the source of the information is a publicly available publication; or
(c) That the disclosure is to the individual concerned; or
(d) That the disclosure is authorised by the individual concerned; or
(e) That non-compliance is necessary—
(i) To avoid prejudice to the maintenance of the law by any public sector agency, including the prevention, detection, investigation, prosecution, and punishment of offences; or
(ii) For the enforcement of a law imposing a pecuniary penalty; or
(iii) For the protection of the public revenue; or
(iv) For the conduct of proceedings before any court or tribunal (being proceedings that have been commenced or are reasonably in contemplation); or
Principle 11 paragraph (e)(iv) was amended, as from 3 September 1996, by section 3 Privacy Amendment Act 1996 (1996 No 142) by substituting the word “tribunal” for the word “Tribunal”.
(f) That the disclosure of the information is necessary to prevent or lessen a serious and imminent threat to—
(i) Public health or public safety; or
(ii) The life or health of the individual concerned or another individual; or
(g) That the disclosure of the information is necessary to facilitate the sale or other disposition of a business as a going concern; or
(h) That the information—
(i) Is to be used in a form in which the individual concerned is not identified; or
(ii) Is to be used for statistical or research purposes and will not be published in a form that could reasonably be expected to identify the individual concerned; or
(i) That the disclosure of the information is in accordance with an authority granted under section 54 of this Act.
Principle 12 Unique identifiers
(1) FHL shall not assign a unique identifier to an individual unless the assignment of that identifier is necessary to enable FHL to carry out any one or more of its functions efficiently.
(2) FHL shall not assign to an individual a unique identifier that, to FHL's knowledge, has been assigned to that individual by another agency, unless those 2 agencies are associated persons within the meaning of subpart YB of the Income Tax Act 2007 (to the extent to which those rules apply for the whole of that Act excluding the 1973, 1988, and 1990 version provisions).
(3) Where FHL assigns unique identifiers to individuals it shall take all reasonable steps to ensure that unique identifiers are assigned only to individuals whose identity is clearly established.
(4) FHL shall not require an individual to disclose any unique identifier assigned to that individual unless the disclosure is for one of the purposes in connection with which that unique identifier was assigned or for a purpose that is directly related to one of those purposes.

Section 6 principle 12(2): amended, on 1 April 2008, by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
Subclause (2) was amended, as from 1 April 1995, by section YB 1 of the Income Tax Amendment Act 1994 (1994 No 164) by substituting the words “section OD 7 of the Income Tax Act 1994” for the words “section 8 of the Income Tax Act 1976”.
Subclause (2) was amended, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35) by substituting the words “Income Tax Act 2004” for the words “Income Tax Act 1994”.

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This information is provided as a guide only. Although we believe it to be accurate, only the entity referred to can provide you with full information.
Do not sign any document without taking proper advice from a professional, or financial advisor that you trust.
You may view, copy, and print the contents of this site for your personal information only, but may not do so for any commercial purpose without explicit written consent from Financial Holdings Limited.
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The content may not be duplicated, redistributed, or mirrored without the express written consent of FHL, unless explicitly stated otherwise.
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FHL endeavours to provide accurate and reliable information. All information is either sourced from the public domain or is provided by the entity named, including government agencies. FHL is not responsible for any losses or consequential damage that may result.
We have made all reasonable efforts to keep the information on this site as accurate as possible and ensure that the availability of the site is continuously updated.
Neither the publisher, FHL, or anyone else engaged in providing this site or compiling information for it, accepts any liability for inaccuracies or any loss or damage which may directly or indirectly result from use of the site or any error at or omission of information from it irrespective of the cause.
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We may modify or update or change these conditions from time to time with or without notice to you. Amendments will come into effect as soon as they are posted. You are responsible for reviewing these and will be taken as accepting the then current conditions each time you choose to use the site.
This site and these conditions are governed by and to be interpreted in accordance with the laws of New Zealand. The New Zealand courts will have exclusive jurisdiction.