Kindo has been identified as a Financial Services Provider, so we must comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML).
This means there are some specific rules around the way we have to manage things like withdrawals, donations and who can have accounts.
The key points are listed below.
Who can have an account
We can only accept individuals as Account Holders.
Trusts or Companies
fall under our definition of Excluded Account Holders in the Terms & Conditions.
Withdrawals
It's not one size fits all when it comes to withdrawals. There are several types of withdrawals and some require an AML customer due diligence process. See below for different types and how to action:
- You cannot easily withdraw credit balances from your myKindo account (unless a refund has occurred), so we recommend just topping up the amount you need to cover your payments.
- If a school or a registered charity has refunded a payment to you, you have 24 months to make a withdrawal of this amount. You can do this in one transaction, or multiple transactions over the 24 months, but only up to the total amount of the refund. See Account Balance Withdrawals.
- Withdrawals against a refund from a lunch supplier (or any other supplier who is not a registered charity) are not possible.
- If you have a credit balance and are needing to close your account, you will have the option to donate your balance to the school or a charity through the automated process. See Closing your myKindo account.
- If you would prefer to withdraw this balance, we are required to undertake certain customer due diligence checks to comply with our obligations under AML. We appreciate the inconvenience this causes and have tried to make this process as pain-free as possible.
Donations
Donations may only be made by Account Holders to NZ registered charities and NZ schools and their registered PTA. We do not accept donations for non-registered charities.
If you are likely to make donations to a specific school or charity through Kindo that exceed Kindo's threshold (currently $10,000 within one year), we are required to undertake certain customer due diligence checks to comply with our obligations under AML.
Related Articles
Completing identity checks for Anti-Money Laundering purposes
As a Financial Services Provider we must comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML). Certain agreed exemptions mean that the majority of undertakings do not require Customer Due Diligence checks to ...
Join Kindo
Joining Kindo is quick and easy. Depending on your school's setup, you can order school lunches, buy event tickets, register for sports, support fundraisers, and pay personalised accounts. One account for the whole family! Kindo and ezlunch work ...
What is Kindo?
Kindo makes your school or club payments quick, easy and hassle free. Through your Kindo account (known as myKindo) you can make all your payments online for as many family members as you need. Everything from sports subs and trips, to donations, ...
Does my child's school have Kindo?
We have a large number of schools using Kindo. We encourage schools to place a Kindo link onto their website. If you are not sure, you can contact your school directly or you can search for a school under the my details page. Finding your school ...
Account Balance Withdrawals
Notes If you are moving from one school to another school that uses myKindo, or you have another student about to start at a Kindo school, then you do not need to withdraw or close your account, as you can continue to use your existing account and ...