Kindo and AML Compliance
Kindo is a registered Financial Service Provider, which
means we must comply with the Anti-Money Laundering and Countering Financing
of Terrorism Act 2009 (AML).
This is not as scary as it sounds! What it does mean however, are that there are certain regulations around how we manage the withdrawal of funds, donations, and who can
open a Kindo Account.
Who Can Have a Kindo Account?
Only individuals can hold Kindo accounts. Trusts
and companies do not qualify and are classified as Excluded Account
Holders in our Terms & Conditions.
Donations
Donations
can only be made by Account Holders to NZ registered charities,
NZ schools and NZ PTAs with registered charity status.
We do
not accept donations for non-registered charities.
If
your donations to a single school or registered charity exceed $10,000
within 12 months, we are required to complete an identity verification
process as part of our legal obligations.
Account Closures & Withdrawals of funds
Withdrawals and account closures where there is a return of
funds are not always straightforward. We
may need to request identity verification before completing your request if the
credit balance of your account is over a certain threshold, and you have
already withdrawn amounts up to $1000 in the past 24 months. As such we encourage our customers to top up their wallets only
for amounts they think they will use.
Account Closures process:
- If you are moving from one school to another school that
uses Kindo, you do not need to close your account and withdraw funds. You can continue to use your existing account
and funds at the new school.
- If you do need to close your account, and your account
balance is under $1000, you can do this yourself through: myKindo / my details / Close Kindo account
- You will be guided through this process. If, however, you cannot complete this
process, it means that we need to ask you to go through our simple identity verification process.
Withdrawal of funds process:
- We encourage our customers only to top up the amounts that
they will need, however there are situations in which you may need to withdraw
an excess of funds.
- If your account balance is under $1000 you can do this
yourself through: myKindo / myKindo wallet / Collect
refunds
- You will be guided through the process. If, however, you cannot complete this process, it means that we need to ask you to go through our simple identity verification process.
Identity Verification
If identity verification is required, the process is quick
and easy! We'll ask you to complete this
Identity Verification form to initiate the process. When we have received it, we'll send you a secure link via text message to Cloudcheck where you can complete verification in just two simple steps. If you want information about how we keep your data safe, please view our Identity Verification Privacy document.
Need Help?
For more information, please email hello@mykindo.co.nz
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