Know Your Client Requirements

As part of listing your property with Bachcare, we are legally required to complete Know Your Customer (KYC) checks. This is a mandatory step in our process and applies to all new owners who reach a threshold of $10,000 gross yearly income from their listing.  

We understand that providing personal or trust information can feel formal, but these requirements are in place to protect you, your property, and our business. Below is a clear explanation of what KYC is, why we need it, and what to expect. 

If you would like to read further into the topic, please follow this link to the Department of Internal Affairs’ breakdown, here.   

What is KYC and why do we need information from you? 

KYC (Know Your Customer) is part of New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regulations. These laws require certain businesses, including property management and accommodation providers, to verify the identity of the people they work with. 

In simple terms, KYC means we must confirm: 

• Who you are 

• That you are the legitimate owner (or authorised representative) of the property whether you are entering into the agreement with Bachcare yourself, or are authorised to act on behalf of the person or entity that is 

• That we understand who we are entering into a business relationship with 

These requirements are part of updated regulatory obligations for our business. If you already have a property listed with us and have not previously been asked to complete KYC, this is because these obligations are new for us. We are now required to carry out identity verification as part of our compliance responsibilities. 

This process helps: 

• Prevent fraud and financial crime 

• Protect your rental income 

• Ensure compliance with New Zealand regulations 

• Maintain the integrity of our owner network 

What Information Do We Need? 

The specific information required depends on whether you are signing as an individual, company, trust, or partnership. In general, we may request: 

For individuals: 

• Full legal name 

• Date of birth 

• Residential address 

• Government-issued photo ID (e.g. passport or driver licence) 

• Photo of yourself (will be taken during completion of process) 

For companies or trusts:  

• Company or trust details 

• Names and details of directors, trustees, or beneficial owners 

• Copies of required documents, such as a trust deed or company constitution. 

• Identification documents for key individuals 

• Proof of address or registered office 

We will clearly outline exactly what is required for your specific ownership structure during the KYC process 

When Do We Need This Information?  

Our process is simple and structured: 

• Once your property is close to hitting a yearly gross income of $10,000 NZD you will receive an email with information of how to complete the KYC requirements. 

If we do not receive the required information from you within the timeframes outlined, we are legally unable to continue accepting bookings at your property.   

This may impact any future or current bookings in place as well as any income due to be paid.  To avoid this, we recommend completing KYC as soon as it is requested. 

How Do We Collect and Protect Your Information? 

We take privacy and data security seriously. 

We use a secure third-party identity verification provider (First AML) to collect and verify your information. This provider uses encrypted systems to ensure your data is protected. If you would like to read more about how security is ensured, please read more here. 

All information collected will be handled in accordance with New Zealand privacy laws and used strictly for compliance purposes.