New Zealand companies Perpetual Guardian and Tradle NZ have signed a Memorandum of Understanding for marketing of an app which will allow the user to upload ID documentation, have it verified, and then use that single verification with other organisations which require client identification.

They say the service has major ramifications for compliance with phase 2 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, which imposes extensive new due diligence, monitoring and reporting obligations on lawyers, accountants and other entities.

Tradle NZ managing director David Diepbrink says the new AML/CFT legislation made everyone think about Know Your Customer requirements in a different way.

"Our ambition is to have the expression 'tradle it' in use as a worldwide synonym for 'share verified identity documents' - starting in New Zealand," he says.

The parties say the app will be rolled out through Perpetual Guardian from November 2017, "followed by the general public in early 2018".