Kindo and AML

Kindo and AML

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before completing your request if the credit balance of your account is over a certain threshold, and you have already withdrawn amounts up to $500 in the past 24 months.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:
  1. 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.
  2. If you do need to close your account, and your account balance is under $500, you can do this yourself through:  myKindo / my details / Close Kindo account
  3. 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:
  1. 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. 
  2. If your account balance is under $500 you can do this yourself through:  myKindo / myKindo wallet / Collect refunds
  3. 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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