The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act) and its regulations place obligations on New Zealand’s financial institutions to detect and deter money laundering and terrorism financing.
Money laundering is how criminals disguise the illegal source of their money. Financers of terrorism use similar techniques to avoid detection and protect the identity of those providing and receiving the funds. The FMA is one of three supervisors under the Act, along with the Reserve Bank of New Zealand and the Department of Internal Affairs.
The Act describes those who need to comply as ‘reporting entities’. Reporting entities covered by the Act are described in
If you are a reporting entity and not subject to an exemption, there are obligations you must comply with.
The regulations come into force on 1 November 2017 and the FIU will accept PTRs from this date. Find out here if you need to file one.
See all AML/CFT information sheets, guides and reports.
All reporting entities are required to prepare an annual report on their risk assessment and AML/CFT programme.
Reporting entities must have their risk assessment and AML/CFT programme audited every two years or whenever their supervisor requests it.
The Minister of Justice may grant a range of exemptions to all or any of the Act’s requirements.