Ngā herenga haurapatanga Due diligence requirements

Online marketplaces are responsible for ensuring the information they report is valid.

You can choose to complete due diligence procedures only for active sellers.

Accurate seller information

You must determine if the information collected from the seller is reliable. To confirm the information from active sellers is correct you should use the information you already have available and any public information.

Use each seller's primary address to confirm which country or jurisdiction they are tax resident in. A seller should also be considered a tax resident for the country or jurisdiction that issued their TIN.

Third party due diligence

If you use a third-party service provider or another marketplace operator to fulfil the due diligence requirements, you remain responsible for the due diligence obligations.

Timeframes for due diligence procedures

A marketplace operator must complete due diligence responsibilities for new sellers by 31 December of a reportable period.

For sellers that are already registered on a marketplace as of 1 January 2024, the due diligence procedures must be completed by 31 December 2025. If you are able to report these by 7 February 2025, please do so.

Keeping records

You must keep records showing the steps you have taken to collect the information and the information relied upon. You may be charged penalties if you do not keep these records.

Keep the records in New Zealand and in English or te reo Māori. The only exception is if we have approved their storage outside New Zealand or in a different language. You must keep this information for at least 7 years following the end of the reportable period.