1: Title
This Act is the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
2: Commencement
1: Parts 1 4 section 162
2: Sections 68 to 71 106 to 115 163
3: Except as provided in subsection (5), the rest of this Act comes into force on a date to be appointed by the Governor-General by Order in Council.
4: One or more Orders in Council may be made appointing different dates for the commencement of different provisions.
5: However, section 162 Part 2
6: An order under this section is secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 2 subpart 5 of Part 2 brought into force 30 June 2011 clause 2(1) Anti-Money Laundering and Countering Financing of Terrorism Act Commencement Order 2011 Section 2 brought into force 30 June 2013 clause 2(2) Anti-Money Laundering and Countering Financing of Terrorism Act Commencement Order 2011 Section 2 brought into force 30 June 2013 clause 2(3) Anti-Money Laundering and Countering Financing of Terrorism Act Commencement Order 2011 Section 2(6) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
1: Preliminary provisions
3: Purpose
1: The purposes of this Act are—
a: to detect and deter money laundering and the financing of terrorism; and
b: to maintain and enhance New Zealand’s international reputation by adopting, where appropriate in the New Zealand context, recommendations issued by the Financial Action Task Force; and
c: to contribute to public confidence in the financial system.
2: Accordingly, this Act facilitates co-operation amongst reporting entities, AML/CFT supervisors, and various government agencies, in particular law enforcement and regulatory agencies.
4: Overview
1: This section is a guide to the general scheme and effect of this Act, but does not affect the interpretation or application of the other provisions of the Act.
2: Part 1
3: Part 2 7 subparts
a: subpart 1
b: subpart 2
ba: subpart 2A
c: subpart 3
d: subpart 4
e: subpart 5
f: subpart 6
4: Part 3
5: Part 4
a: subpart 1 the reporting of suspicious activities and prescribed transactions
b: subpart 2 Section 4(3) amended 1 July 2017 section 4(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 4(3)(b) replaced 11 August 2017 section 4(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 4(3)(ba) inserted 1 July 2017 section 4(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 4(5)(a) amended 11 August 2017 section 4(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
5: Interpretation
1: In this Act, unless the context otherwise requires,— accounting practice
a: an accountant in public practice on his or her own account in sole practice:
b: in relation to 2 or more accountants in public practice, and practising in partnership, the partnership:
c: an incorporated accounting practice AML/CFT AML/CFT programme section 56(1) AML/CFT requirements Part 2 AML/CFT supervisor section 130(1) Parts 3 4 applicable threshold value
a: is prescribed in regulations; and
b: applies to a particular person, class of persons, transaction, class of transactions, financial activity, or class of financial activities prescribed in regulations approved entity
a: that is prescribed by regulations as an approved entity; or
b: that comes within a class of entities prescribed by regulations as a class of approved entities bearer-negotiable instrument
a: a bill of exchange; or
b: a cheque; or
c: a promissory note; or
d: a bearer bond; or
e: a traveller’s cheque; or
f: a money order, postal order, or similar order; or
g: any other instrument prescribed by regulations beneficial owner
a: has effective control of a customer or person on whose behalf a transaction is conducted; or
b: owns a prescribed threshold of the customer or person on whose behalf a transaction is conducted beneficiary institution payee
a: crediting it to an account held by the payee; or
b: paying it to the payee business relationship cash
a: physical currency:
b: bearer-negotiable instruments cash report subpart 6 casino Gambling Act 2003 chief executive civil liability act section 78 code of practice proposed code of practice section 62 Commissioner constable section 4 conveyancing practitioner section 6 correspondent banking relationship section 29(3) country customer
a: means a new customer or an existing customer; and
b: includes—
i: a facility holder:
ii: a person conducting or seeking to conduct an occasional transaction or activity
iii: a junket organiser as defined in section 4(1)
iv: a person or class of persons declared by regulations to be a customer for the purposes of this Act; but
c: excludes a person or class of persons that is declared by regulations not to be a customer for the purposes of this Act Customs officer section 5(1) designated business group
a: each member of the group has elected, in writing, to be a member of the group and the election is in force; and
b: each election was made in accordance with regulations (if any); and
c: no member of the group is a member of another designated business group; and
d: each member of the group is—
i: related to each other member of the group within the meaning of section 2(3)
A: a reporting entity resident in New Zealand; or
B: a person that is resident in a country that has sufficient AML/CFT systems and is supervised or regulated for AML/CFT purposes; or
ii: providing a service under a joint venture agreement to which each member of the group is a party; or
iii: a public service agency as defined in section 5 State-Owned Enterprises Act 1986 section 7
iv: related to 1 or more of the entities referred to in subparagraph (iii) through the provision of common products or services; or
v: a body corporate that is—
A: either a company (within the meaning of section 2(1)
B: related (within the meaning of section 12(2)
C: either a reporting entity resident in New Zealand or a person who is resident in a country that has sufficient AML/CFT systems and that is supervised or regulated for AML/CFT purposes; or
vi: a related law firm, or a subsidiary of a law firm, that is a reporting entity in New Zealand (or the equivalent body in another country that has sufficient AML/CFT systems and that is supervised or regulated for AML/CFT purposes); or
vii: a related conveyancer, or a subsidiary of a conveyancer, that is a reporting entity in New Zealand (or the equivalent body in another country that has sufficient AML/CFT systems and that is supervised or regulated for AML/CFT purposes); or
viii: a related accounting practice, or a subsidiary of an accounting practice, that is a reporting entity in New Zealand (or the equivalent body in another country that has sufficient AML/CFT systems and that is supervised or regulated for AML/CFT purposes); or
ix: a related trust and company service provider, or a subsidiary of a trust and company service provider, that is a reporting entity in New Zealand (or the equivalent body in another country that has sufficient AML/CFT systems and that is supervised or regulated for AML/CFT purposes); or
x: a related real estate agent, or a subsidiary of a real estate agent, that is a reporting entity in New Zealand (or the equivalent in another country that has sufficient AML/CFT systems and that is supervised or regulated for AML/CFT purposes); or
xi: a related high-value dealer, or a subsidiary of a high-value dealer, that is a reporting entity in New Zealand (or an equivalent person resident outside New Zealand in a country that has sufficient AML/CFT systems and that is supervised or regulated for AML/CFT purposes); or
xii: a group of reporting entities, if the entities are each money transfer agents or sub-agents and each entity is related to every other entity in the designated business group or proposed designated business group in either of the following ways:
A: one of those entities is a money transfer agent and the other entities are the sub-agents of those agents:
B: those entities are each sub-agents of the same money transfer agent; or
xiii: an entity or a class of entities prescribed by regulations; and
e: each member of the group satisfies any conditions in subsection (3) that apply to that member designated non-financial business or profession
a: a law firm, a conveyancing practitioner, an incorporated conveyancing firm, an accounting practice, a real estate agent, or a trust and company service provider, who, in the ordinary course of business, carries out 1 or more of the following activities:
i: acting as a formation agent of legal persons or legal arrangements:
ii: acting as, or arranging for a person to act as, a nominee director or nominee shareholder or trustee in relation to legal persons or legal arrangements:
iii: providing a registered office or a business address, a correspondence address, or an administrative address for a company, or a partnership, or for any other legal person or arrangement, unless the office or address is provided solely as an ancillary service to the provision of other services (being services that do not constitute an activity listed in this subparagraph or subparagraphs (i), (ii), and (iv) to (vi)):
iv: managing client funds (other than sums paid as fees for professional services), accounts, securities, or other assets:
v: providing real estate agency work (within the meaning of section 4(1)
vi: engaging in or giving instructions on behalf of a customer to another person for—
A: any conveyancing (within the meaning of section 6 section 4(1) the sale, the purchase, or any other disposal or acquisition of a freehold estate or interest in land: the grant, sale, or purchase or any other disposal or acquisition of a leasehold estate or interest in land (other than a tenancy to which the Residential Tenancies Act 1986 the grant, sale, or purchase or any other disposal or acquisition of a licence that is registrable under the Land Transfer Act 1952 the grant, sale, or purchase or any other disposal or acquisition of an occupation right agreement within the meaning of section 5
B: a transaction (within the meaning of section 4(1)
C: the transfer of a beneficial interest in land or other real property; or
D: a transaction on behalf of any person in relation to the buying, transferring, or selling of a business or legal person (for example, a company) and any other legal arrangement; or
E: a transaction on behalf of a customer in relation to creating, operating, and managing a legal person (for example, a company) and any other legal arrangement; and
b: includes a person or class of persons declared by regulations to be a designated non-financial business or profession for the purposes of this Act; but
c: excludes a person or class of persons declared by regulations not to be a designated non-financial business or profession for the purposes of this Act domestic physical cash transaction domestic wire transfer section 27(7) existing customer facility
a: means any account or arrangement—
i: that is provided by a reporting entity; and
ii: through which a facility holder may conduct 2 or more transactions; and
b: without limiting paragraph (a), includes—
i: a life insurance policy:
ii: membership of a superannuation scheme, workplace savings scheme, or KiwiSaver scheme:
iii: the provision, by a reporting entity, of facilities for safe custody, including (without limitation) a safety deposit box:
iv: an account or arrangement declared by regulations to be a facility for the purposes of this Act; but
c: excludes an account or arrangement declared by regulations not to be a facility for the purposes of this Act facility holder
a: means the person in whose name the facility is established; or
b: if that facility is a life insurance policy, means any person who for the time being is the legal holder of that policy; or
c: if that facility consists of membership of a superannuation scheme, workplace savings scheme, or KiwiSaver scheme, means the product holder of the managed investment product in the scheme (within the meanings of product holder and managed investment product in section 6(1) financial institution
a: means a person who, in the ordinary course of business, carries on 1 or more of the following financial activities:
i: accepting deposits or other repayable funds from the public:
ii: lending to or for a customer, including consumer credit, mortgage credit, factoring (with or without recourse), and financing of commercial transactions (including forfeiting):
iii: financial leasing (excluding financial leasing arrangements in relation to consumer products):
iv: transferring money or value for, or on behalf of, a customer:
v: issuing or managing the means of payment (for example, credit or debit cards, cheques, traveller’s cheques, money orders, bankers’ drafts, or electronic money):
vi: undertaking financial guarantees and commitments:
vii: trading for, or on behalf of, a customer in any of the following using the person’s account or the customer’s account:
A: money market instruments (for example, cheques, bills, certificates of deposit, or derivatives):
B: foreign exchange:
C: exchange, interest rate, or index instruments:
D: transferable securities:
E: commodity futures trading:
viii: participating in securities issues and the provision of financial services related to those issues:
ix: managing individual or collective portfolios:
x: safe keeping or administering of cash or liquid securities on behalf of other persons:
xi: investing, administering, or managing funds or money on behalf of other persons:
xii: issuing, or undertaking liability under, life insurance policies as an insurer:
xiii: money or currency changing; and
b: includes a person or class of persons declared by regulations to be a financial institution for the purposes of this Act; but
c: excludes a person or class of persons declared by regulations not to be a financial institution for the purposes of this Act financing of terrorism section 4(1) gambling inspector section 4(1) government agency
a: a public service agency as defined in section 5
b: a Crown entity under section 7
c: the Reserve Bank, the Parliamentary Counsel Office, and the New Zealand Police; or
d: any overseas country's counterpart of any of the entities in paragraphs (a) to (c) high-value dealer
a: means a person who is in trade and in the ordinary course of business, buys or sells all or any of the following articles by way of a cash transaction or a series of related cash transactions, if the total value of that transaction or those transactions is equal to or above the applicable threshold value:
i: jewellery:
ii: watches:
iii: gold, silver, or other precious metals:
iv: diamonds, sapphires, or other precious stones:
v: paintings:
vi: prints:
vii: protected foreign objects (within the meaning of section 2(1)
viii: protected New Zealand objects (within the meaning of section 2(1)
ix: sculptures:
x: photographs:
xi: carvings in any medium:
xii: other artistic or cultural artefacts:
xiii: motor vehicles (within the meaning of section 6(1)
xiv: ships (within the meaning of section 2(1)
b: includes any person who carries out the activities referred to in paragraph (a) as a registered auctioneer (within the meaning of section 4(1)
c: does not include any person, to the extent that the person is engaged in providing services other than the buying or selling of articles referred to in paragraph (a), including the following services:
i: mining precious metals or precious stones:
ii: manufacturing jewellery:
iii: crafting or polishing precious stones; and
d: does not include any person to the extent that the person is engaged in the buying or selling of precious metals or precious stones for industrial purposes identity information sections 15 19 23 27(1) and (2) sections 29(2)(g) 30(b) incorporated conveyancing firm section 6 incorporated law firm section 6 individual intermediary institution international wire transfer
a: at least 1 of the following institutions is in New Zealand:
i: the ordering institution:
ii: the intermediary institution:
iii: the beneficiary institution; and
b: at least 1 of the following institutions is outside New Zealand:
i: the ordering institution:
ii: the intermediary institution:
iii: the beneficiary institution KiwiSaver scheme section 6(1) law enforcement purposes
a: the prevention, disruption, detection, investigation, and prosecution of—
i: any offence under this Act; or
ii: a money laundering offence; or
iii: any offence within the meaning of that term in section 243(1)
iv: an offence under the Terrorism Suppression Act 2002
b: the enforcement and administration of—
i: this Act:
ii: the Criminal Proceeds (Recovery) Act 2009
iii: the Misuse of Drugs Act 1975
iv: the Terrorism Suppression Act 2002
v: the Mutual Assistance in Criminal Matters Act 1992
vi: the Customs and Excise Act 2018
vii: the Russia Sanctions Act 2022
c: the performance by the New Zealand Security Intelligence Service or the Government Communications Security Bureau of its functions under the Intelligence and Security Act 2017
d: the detection and prevention of the harms specified in section 58(2)
e: any purpose or action referred to in paragraphs (a) to (d) relating to, or taken in respect of, legislation of an overseas jurisdiction that is broadly equivalent to the enactments referred to in those paragraphs law firm
a: a barrister or a barrister and solicitor who is practising on the barrister’s or barrister and solicitor’s own account in sole practice:
b: in relation to 2 or more barristers and solicitors practising law in partnership, the partnership:
c: an incorporated law firm lawyer section 6 legal arrangement
a: a trust:
b: a partnership:
c: a charitable entity (within the meaning of section 4(1)
d: any other prescribed arrangement (being an arrangement that involves a risk of money laundering or the financing of terrorism) life insurance policy section 6(1) Minister Ministry money laundering offence section 243 section 12B non-bank deposit taker section 5 occasional activity
a: means an activity—
i: that is specified in section 6(4)
ii: that does not involve a business relationship between the reporting entity and the reporting entity’s customer; and
b: includes an activity or a class of activities declared by regulations to be an occasional activity for the purposes of this Act; but
c: excludes an activity or a class of activities declared by regulations not to be an occasional activity for the purposes of this Act occasional transaction
a: means a cash transaction that occurs outside of a business relationship and is equal to or above
b: includes a transaction or class of transactions declared by regulations to be an occasional transaction for the purposes of this Act; but
c: excludes—
i: cheque deposits; and
ii: a transaction or class of transactions declared by regulations not to be an occasional transaction for the purposes of this Act occasional transaction or activity
a: an occasional transaction:
b: an occasional activity ordering institution
a: means any person who has been instructed by a person (the payer payee
b: includes a person declared by regulations to be an ordering institution for the purposes of this Act; but
c: excludes a person or class of persons declared by regulations not to be an ordering institution for the purposes of this Act physical currency
a: is designated as legal tender; and
b: circulates as, and is customarily used and accepted as, a medium of exchange in the country of issue Police employee section 4 politically exposed person
a: an individual who holds, or has held at any time in the preceding 12 months, in any overseas country the prominent public function of—
i: Head of State or head of a country or government; or
ii: government minister or equivalent senior politician; or
iii: Supreme Court Judge or equivalent senior Judge; or
iv: governor of a central bank or any other position that has comparable influence to the Governor of the Reserve Bank of New Zealand; or
v: senior foreign representative, ambassador, or high commissioner; or
vi: high-ranking member of the armed forces; or
vii: board chair, chief executive, or chief financial officer of, or any other position that has comparable influence in, any State enterprise; and
b: an immediate family member of a person referred to in paragraph (a), including—
i: a spouse; or
ii: a partner, being a person who is considered by the relevant national law as equivalent to a spouse; or
iii: a child and a child's spouse or partner; or
iv: a parent; and
c: having regard to information that is public or readily available,—
i: any individual who is known to have joint beneficial ownership of a legal entity or legal arrangement, or any other close relationship, with a person referred to in paragraph (a); or
ii: any individual who has sole beneficial ownership of a legal entity or legal arrangement that is known to exist for the benefit of a person described in paragraph (a) prescribed transaction
a: an international wire transfer of a value equal to or above
b: a domestic physical cash transaction of a value equal to or above prescribed transaction report section 48A privileged communication section 42 real estate agency work section 4(1) real estate agent section 4(1) registered bank section 2(1) Banking (Prudential Supervision) Act 1989 regulations regulator
a: means a professional body responsible under any New Zealand enactment for enforcing the regulatory obligations of a particular industry or profession whose members are subject to this Act; and
b: includes any other body prescribed in regulations reporting entity
a: means—
i: a casino:
ii: a designated non-financial business or profession:
iii: a financial institution:
iv: a high-value dealer:
v: TAB NZ
b: includes—
i: a person or class of persons declared by regulations to be a reporting entity for the purposes of this Act; and
ii: any other person that is required by any enactment to comply with this Act as if it were a reporting entity; but
c: excludes a person or class of persons declared by regulations not to be a reporting entity for the purposes of this Act search warrant section 117 senior manager senior management
a: in relation to a reporting entity that is a company, a director within the meaning of section 126
b: in relation to a reporting entity that is not a company, a person who occupies a position comparable to that of a director (for example, a trustee or partner); and
c: any other person who occupies a position within a reporting entity that allows that person to exercise an influence over the management or administration of the reporting entity (for example, a chief executive or a chief financial officer) shell bank section 39(2) superannuation scheme section 6(1) suspicious activity report
a: means a report made under section 40
b: includes—
i: a suspicious transaction report made under this Act; and
ii: a suspicious transaction report made under the Financial Transactions Reporting Act 1996 suspicious property report section 4(1) transaction
a: means any deposit, withdrawal, exchange, or transfer of funds (in any denominated currency), whether—
i: in cash; or
ii: by cheque, payment order, or other instrument; or
iii: by electronic or other non-physical means; and
b: without limiting paragraph (a), includes—
i: any payment made in satisfaction, in whole or in part, of any contractual or other legal obligation; and
ii: a transaction or class of transactions declared by regulations to be a transaction for the purposes of this Act; but
c: excludes the following:
i: the placing of any bet unless authorised under the Racing Industry Act 2020
ii: participation in gambling (as defined in section 4(1) Racing Industry Act 2020
iii: a transaction or class of transactions declared by regulations not to be a transaction for the purposes of this Act trust and company service provider trustee section 9 verification information sections 16 20 24 28 wire transfer
a: means a transaction carried out on behalf of a person (the originator
b: includes a transfer or transaction, or class of transfers or transactions, declared by regulations to be a wire transfer for the purposes of this Act; but
c: excludes—
i: transfers and settlements between financial institutions or other reporting entities if both the originator and the beneficiary are financial institutions or other reporting entities acting on their own behalf; and
ii: credit and debit card transactions if the credit or debit card number accompanies the transaction; and
iii: any other transfer or transaction or class of transfers or transactions declared by regulations not to be a wire transfer for the purposes of this Act. workplace savings scheme section 6(1)
2: For the purposes of paragraph (d)(xii) of the definition of designated business group money transfer agent money transfer provider money transfer services representation agreement sub-agent
3: For the purposes of paragraph (e) of the definition of designated business group
a: the withdrawal of a member from the designated business group:
b: the termination of the designated business group:
c: any other change in the details previously notified to any AML/CFT supervisor in respect of the designated business group.
4: For the purpose of applying the definitions of designated non-financial business or profession designated business group Section 5(1) accounting practice inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) approved entity inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) conveyancing practitioner inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) customer amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) Customs officer amended 1 October 2018 section 443(3) Customs and Excise Act 2018 Section 5(1) designated business group replaced 11 August 2017 section 5(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) designated business group amended 7 August 2020 section 135 Public Service Act 2020 Section 5(1) designated non-financial business or profession inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) domestic physical cash transaction inserted 1 July 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 5(1) existing customer replaced 11 August 2017 section 5(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) facility replaced 1 December 2014 section 150 Financial Markets (Repeals and Amendments) Act 2013 Section 5(1) facility holder replaced 1 December 2014 section 150 Financial Markets (Repeals and Amendments) Act 2013 Section 5(1) financial institution amended 11 August 2017 section 5(4) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) financial institution substituted 1 February 2011 section 241(2) Insurance (Prudential Supervision) Act 2010 Section 5(1) government agency replaced 7 August 2020 section 135 Public Service Act 2020 Section 5(1) government agency replaced 28 September 2017 section 335 Intelligence and Security Act 2017 Section 5(1) government agency replaced 5 December 2013 section 4 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2013 Section 5(1) high-value dealer inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) incorporated conveyancing firm inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) incorporated law firm inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) international wire transfer inserted 1 July 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 5(1) KiwiSaver scheme inserted 1 December 2014 section 150 Financial Markets (Repeals and Amendments) Act 2013 Section 5(1) law enforcement purposes replaced 11 August 2017 section 5(5) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) law enforcement purposes amended 30 November 2022 section 11 Statutes Amendment Act 2022 Section 5(1) law enforcement purposes inserted 12 March 2022 section 33(2) Russia Sanctions Act 2022 Section 5(1) law firm inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) lawyer inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) legal arrangement inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) life insurance policy inserted 1 February 2011 section 241(2) Insurance (Prudential Supervision) Act 2010 Section 5(1) non-bank deposit taker inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) occasional activity inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) occasional transaction amended 11 August 2017 section 5(6) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) occasional transaction or activity inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) prescribed transaction inserted 1 July 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 5(1) prescribed transaction amended 11 August 2017 section 5(7) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) prescribed transaction amended 11 August 2017 section 5(7) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) prescribed transaction report inserted 1 July 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 5(1) privileged communication inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) real estate agency work inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) real estate agent inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) registered bank amended 1 July 2022 section 300(1) Reserve Bank of New Zealand Act 2021 Section 5(1) regulator inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) reporting entity replaced 11 August 2017 section 5(8) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) reporting entity amended 1 August 2020 section 129 Racing Industry Act 2020 Section 5(1) search warrant inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) security repealed 28 September 2017 section 335 Intelligence and Security Act 2017 Section 5(1) superannuation scheme inserted 1 December 2014 section 150 Financial Markets (Repeals and Amendments) Act 2013 Section 5(1) suspicious activity report inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) suspicious transaction report repealed 11 August 2017 section 5(9) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) transaction replaced 11 August 2017 section 5(10) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) transaction amended 1 August 2020 section 129 Racing Industry Act 2020 Section 5(1) transaction amended 1 August 2020 section 129 Racing Industry Act 2020 Section 5(1) trust and company service provider inserted 11 August 2017 section 5(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) trustee amended 30 January 2021 section 161 Trusts Act 2019 Section 5(1) wire transfer replaced 11 August 2017 section 5(11) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(1) workplace savings scheme inserted 1 December 2014 section 150 Financial Markets (Repeals and Amendments) Act 2013 Section 5(2) inserted 11 August 2017 section 5(12) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(3) inserted 11 August 2017 section 5(12) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 5(4) inserted 11 August 2017 section 5(12) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
6: Application of this Act to reporting entities
1: Subject to subsections (2) and (3) and to Schedule 1 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
2: Sections 39A to 41 43 to 47 section 25
3: This Act—
a: does not apply to a law firm, a conveyancing practitioner, or an incorporated conveyancing firm until 1 July 2018 or an earlier date set by the Governor-General by Order in Council:
b: does not apply to an accounting practice until 1 October 2018 or an earlier date set by the Governor-General by Order in Council:
c: does not apply to a real estate agent until 1 January 2019 or an earlier date set by the Governor-General by Order in Council:
d: does not apply to TAB NZ
e: in the case of a trust and company service provider that immediately before the commencement of this section was a reporting entity under regulation 17
f: in the case of a trust or company service provider to which paragraph (e) does not apply, applies on 1 July 2018 or an earlier date set by the Governor-General by Order in Council.
4: This Act applies to a reporting entity only to the extent that,—
a: in the case of a reporting entity that is a financial institution, the financial activities undertaken by that entity fall within the activities described in the definition of financial institution in section 5(1)
b: in the case of TAB NZ
i: the conduct of betting under section 74
ii: the operation of accounts or provision of vouchers:
c: in the case of a law firm, conveyancer, incorporated conveyancing firm, accounting practice, real estate agent, or other designated non-financial business or profession, the activities carried out by that reporting entity are activities described in the definition of designated non-financial business or profession in section 5(1)
d: in the case of a high-value dealer,—
i: the high-value dealer carries out activities described in the definition of high-value dealer in section 5(1)
ii: if subparagraph (i) applies, the high-value dealer—
A: must conduct standard customer due diligence under sections 14(1)(b) 15 16
B: may rely on third parties under sections 32 to 34
C: must comply with the prohibitions under section 37
D: may report suspicious activities to the Commissioner under section 40(5) sections 44 to 46
E: must report prescribed transactions equal to or above the applicable cash threshold under sections 48A 48B
F: must keep records of any suspicious activity reports under section 49A
G: must keep identity and verification records under section 50
H: must keep records of any audits under section 51(1)(b), (2), and (3)
I: must audit its AML/CFT compliance obligations under section 59A
e: in the case of a casino, the casino carries out activities that may give rise to a risk of money laundering or financing of terrorism.
5: An order under this section is secondary legislation ( see The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 6 replaced 11 August 2017 section 6 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 6(3)(d) amended 1 August 2020 section 129 Racing Industry Act 2020 Section 6(4)(b) amended 1 August 2020 section 129 Racing Industry Act 2020 Section 6(4)(b)(i) amended 1 August 2020 section 129 Racing Industry Act 2020 Section 6(5) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
7: Amounts not in New Zealand currency
1: This section applies if, for the purposes of this Act or regulations
a: is equal to or above
b: is denominated in a currency other than New Zealand currency.
2: If this section applies, the amount of the cash is taken to be the equivalent in New Zealand currency,—
a: calculated at the rate of exchange on the date of the determination; or
b: if there is more than 1 rate of exchange on that date, calculated at the average of those rates.
3: For the purposes of this section, a written certificate purporting to be signed by an officer of any bank in New Zealand that a specified rate of exchange prevailed between currencies on a specified day, and that at such rate a specified sum in a particular currency is equivalent to a specified sum in terms of the currency of New Zealand, is sufficient evidence of the rate of exchange so prevailing and of the equivalent sums in terms of the respective currencies. 1996 No 9 s 4 Section 7(1) amended 11 August 2017 section 7(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 7(1)(a) amended 11 August 2017 section 7(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
7A: Transitional, savings, and related provisions
The transitional, savings, and related provisions set out in Schedule 1 Section 7A inserted 11 August 2017 section 8 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
8: Act binds the Crown
This Act binds the Crown.
2: AML/CFT requirements and compliance
9: Non-compliance not excused by contractual obligations
1: This Act has effect despite anything to the contrary in any contract or agreement.
2: No person is excused from compliance with any requirement of this Act or regulations by reason only that compliance with that requirement would constitute breach of any contract or agreement.
1: Customer due diligence
10: Definitions
In this subpart, unless the context otherwise requires,— enhanced customer due diligence sections 23 to 30 simplified customer due diligence sections 19 to 21 standard customer due diligence sections 15 to 17
11: Customer due diligence
1: A reporting entity must conduct customer due diligence on—
a: a customer:
b: any beneficial owner of a customer:
c: any person acting on behalf of a customer.
2: For the purposes of subsection (1)(b), a customer who is an individual and who the reporting entity believes on reasonable grounds is not acting on behalf of another person is to be treated as if he or she were also the beneficial owner unless the reporting entity has reasonable grounds to suspect that that customer is not the beneficial owner.
3: The type of customer due diligence that must be conducted by a reporting entity is,—
a: in the circumstances described in section 14
b: in the circumstances described in section 18
c: in the circumstances described in section 22
4: A reporting entity that is required to conduct customer due diligence in the circumstances described in sections 14 18 22
5: Nothing in subsection (4) affects the obligation to conduct ongoing customer due diligence in accordance with section 31
6: Subsections (1) and (3) and sections 14 to 31 section 6(4) Section 11(6) inserted 11 August 2017 section 9 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
12: Reliance on risk assessment when establishing level of risk
When establishing the level of risk involved for the purposes of this subpart, a reporting entity must rely on its AML/CFT programme and its risk assessment undertaken in accordance with section 58
13: Basis for verifying identity
Verification of identity must be done on—
a: the basis of documents, data, or information issued by a reliable and independent source; or
b: any other basis applying to a specified situation, customer, product, service, business relationship, or transaction prescribed by regulations. Standard customer due diligence
14: Circumstances when standard customer due diligence applies
1: A reporting entity must conduct standard customer due diligence in the following circumstances:
a: if the reporting entity establishes a business relationship with a new customer:
b: if a customer seeks to conduct an occasional transaction or activity
c: if, in relation to an existing customer, and according to the level of risk involved,—
i: there has been a material change in the nature or purpose of the business relationship; and
ii: the reporting entity considers that it has insufficient information about the customer:
d: any other circumstances specified in subsection (2) or in regulations.
2: For the purposes of subsection (1)(d), as soon as practicable after a reporting entity becomes aware that an existing account is anonymous, the reporting entity must conduct standard customer due diligence in respect of that account.
3: Despite subsections (1) and (2), a real estate agent must conduct standard customer due diligence at the times, and with any other modifications, specified in regulations. Section 14(1)(b) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 14(1)(d) replaced 11 August 2017 section 10(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 14(2) inserted 11 August 2017 section 10(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 14(3) inserted 11 August 2017 section 10(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
15: Standard customer due diligence: identity requirements
A reporting entity must obtain the following identity information in relation to the persons referred to in section 11(1)
a: the person's full name; and
b: the person's date of birth; and
c: if the person is not the customer, the person's relationship to the customer; and
d: the person's address or registered office; and
e: the person's company identifier or registration number; and
f: any information prescribed by regulations.
16: Standard customer due diligence: verification of identity requirements
1: A reporting entity must—
a: take reasonable steps to satisfy itself that the information obtained section 15
b: according to the level of risk involved, take reasonable steps to verify any beneficial owner's identity so that the reporting entity is satisfied that it knows who the beneficial owner is; and
c: if a person is acting on behalf of the customer, according to the level of risk involved, take reasonable steps to verify the person's identity and authority to act on behalf of the customer so that the reporting entity is satisfied it knows who the person is and that the person has authority to act on behalf of the customer; and
d: verify any other information prescribed by regulations.
2: Except as provided in subsection (3), a reporting entity must carry out verification of identity before establishing a business relationship or conducting an occasional transaction or activity
3: Verification of identity may be completed after the business relationship has been established if—
a: it is essential not to interrupt normal business practice; and
b: money laundering and financing of terrorism risks are effectively managed through procedures of transaction limitations and account monitoring or (if the reporting entity is not a financial institution) through other appropriate risk management procedures
c: verification of identity is completed as soon as is practicable once the business relationship has been established. Section 16(1)(a) amended 5 December 2013 section 5 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2013 Section 16(2) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 16(3)(b) amended 11 August 2017 section 11 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
17: Standard customer due diligence: other requirements
A reporting entity must also obtain—
a: information on the nature and purpose of the proposed business relationship between the customer and the reporting entity; and
b: sufficient information to determine whether the customer should be subject to enhanced customer due diligence. Simplified customer due diligence
18: Circumstances when simplified customer due diligence applies
1: A reporting entity may conduct simplified customer due diligence if—
a: it establishes a business relationship with one of the customers specified in subsection (2); or
b: one of the customers specified in subsection (2) conducts an occasional transaction or activity
c: a customer conducts a transaction or obtains
2: The following are customers for the purposes of subsection (1):
a: a listed issuer (within the meaning of section 6(1)
b: a public service agency as defined in section 5
c: a local authority, as defined in section 5(2)
d: the New Zealand Police:
e: a State enterprise (within the meaning of section 2 Schedule 2
f: a body that—
i: corresponds to a State enterprise or a new State enterprise (as defined in paragraph (e); and
ii: is located in a country that has sufficient AML/CFT systems:
g:
h: a person licensed to be a supervisor or statutory supervisor under the Financial Markets Supervisors Act 2011
i: a trustee corporation, within the meaning of section 2(1)
j: a Crown entity, as defined in section 7(1)
k: an organisation named in Schedule 4
l: a company named in Schedule 4A
m: a government body that—
i: corresponds to a public service agency as defined in section 5
ii: is located in an overseas jurisdiction that has sufficient AML/CFT systems:
n: a registered bank within the meaning of section 2(1) Banking (Prudential Supervision) Act 1989
o: a licensed insurer within the meaning of section 6(1)
p: a company, or a subsidiary (within the meaning of section 5(1)
i: whose equity securities are listed in New Zealand or on an overseas stock exchange that has sufficient disclosure requirements; and
ii: that is located in a country that has sufficient AML/CFT systems in place:
q: any other entity or class of entities specified in regulations.
3: A reporting entity may also conduct simplified customer due diligence on a person who purports to act on behalf of a customer when—
a: the reporting entity already has a business relationship with the customer at the time the person acts on behalf of the customer; and
b: the reporting entity has conducted one of the specified types of customer due diligence on the customer in accordance with this Act and regulations (if any).
3A: Despite subsections (1) to (3), a real estate agent must conduct simplified customer due diligence at the times, and with any other modifications, specified in regulations.
4: For the avoidance of doubt, nothing in this subpart requires identification or verification of identity of a beneficial owner of a customer in respect of whom a reporting entity may conduct simplified customer due diligence. Section 18(1)(b) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 18(1)(c) amended 5 December 2013 section 6 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2013 Section 18(2) replaced 11 August 2017 section 12(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 18(2)(b) replaced 7 August 2020 section 135 Public Service Act 2020 Section 18(2)(g) repealed 28 September 2017 section 335 Intelligence and Security Act 2017 Section 18(2)(m)(i) amended 7 August 2020 section 135 Public Service Act 2020 Section 18(2)(n) amended 1 July 2022 section 300(1) Reserve Bank of New Zealand Act 2021 Section 18(3A) inserted 11 August 2017 section 12(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
19: Simplified customer due diligence: identity requirements
A reporting entity must obtain the following identity information in relation to a person acting on behalf of the customer:
a: the person's full name; and
b: the person's date of birth; and
c: the person's relationship to the customer; and
d: any information prescribed by regulations.
20: Simplified customer due diligence: verification of identity requirements
1: A reporting entity must, according to the level of risk involved, verify the identity of a person acting on behalf of a customer and that person's authority to act for the customer so that it is satisfied it knows who the person is and that the person has authority to act on behalf of the customer.
2: Verification of identity must be carried out before the business relationship is established or the occasional transaction or activity
3: For the purposes of verifying a person's authority to act in the circumstances described in section 18 Section 20(2) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
21: Simplified customer due diligence: other requirements
In the circumstances described in section 18(1)(a) Enhanced customer due diligence
22: Circumstances when enhanced customer due diligence applies
1: A reporting entity must conduct enhanced customer due diligence in accordance with sections 23 24
a: if the reporting entity establishes a business relationship with a customer that is—
i: a trust or another vehicle for holding personal assets:
ii: a non-resident customer from a country that has insufficient anti-money laundering and countering financing of terrorism systems or measures in place:
iii: a company with nominee shareholders or shares in bearer form:
b: if a customer seeks to conduct an occasional transaction or activity
i: a trust or another vehicle for holding personal assets:
ii: a non-resident customer from a country that has insufficient anti-money laundering and countering financing of terrorism systems or measures in place:
iii: a company with nominee shareholders or shares in bearer form:
c: if a customer seeks to conduct, through the reporting entity, a complex, unusually large transaction or unusual pattern of transactions that have no apparent or visible economic or lawful purpose:
d: when a reporting entity considers that the level of risk involved is such that enhanced due diligence should apply to a particular situation:
e: any other circumstances specified in section 22A
2: A reporting entity must conduct enhanced customer due diligence in accordance with section 26
a: it establishes a business relationship with a customer who it has determined is a politically exposed person; or
b: a customer who it has determined is a politically exposed person seeks to conduct an occasional transaction or activity
3: A reporting entity must conduct enhanced customer due diligence in accordance with sections 27 28
4: A reporting entity must conduct enhanced customer due diligence in accordance with section 29
5: A reporting entity must conduct enhanced due diligence in accordance with section 30
a: it establishes a business relationship with a customer that involves new or developing technologies, or new or developing products, that might favour anonymity; or
b: a customer seeks to conduct an occasional transaction or activity
6: Despite subsections (1) to (5), a real estate agent must conduct enhanced customer due diligence at the times, in the circumstances, and with any other modifications specified in regulations. Section 22(1)(b) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 22(1)(e) amended 11 August 2017 section 13(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 22(2)(b) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 22(5)(b) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 22(6) inserted 11 August 2017 section 13(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
22A: Enhanced customer due diligence required for certain activities requiring suspicious activities report
1: This section applies to an activity—
a: that the reporting entity concerned (other than a high-value dealer) is required to report to the Commissioner under section 40
b: that is not otherwise exempt from the customer due diligence requirements or from all the requirements of the Act; and
c: that is conducted, or sought to be conducted,—
i: by an existing customer; or
ii: by a customer engaging in an occasional transaction or activity.
2: For the purposes of section 22(1)(e) section 40 Section 22A inserted 11 August 2017 section 14 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
23: Enhanced customer due diligence: identity requirements
1: A reporting entity must, in relation to a person referred to in section 11(1) section 15
a: information relating to the source of the funds or the wealth of the customer; and
b: the additional information referred to in subsection (2) and any additional information prescribed by regulations.
2: For the purposes of subsection (1)(b), a reporting entity must obtain,—
a: in the case of a trust other than a trust to which paragraph (b) applies, the name and the date of birth of each beneficiary of the trust:
b: in the case of a customer that is a discretionary trust or a charitable trust or a trust that has more than 10 beneficiaries, a description of—
i: each class or type of beneficiary:
ii: if the trust is a charitable trust, the objects of the trust. Section 23(1)(b) replaced 11 August 2017 section 15(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 23(2) inserted 11 August 2017 section 15(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
24: Enhanced customer due diligence: verification of identity requirements
1: A reporting entity must—
a: conduct the verification of identity requirements for standard customer due diligence set out in section 16
b: according to the level of risk involved, take reasonable steps to verify the information obtained under section 23(1)(a)
c: verify any other information prescribed by regulations.
2: Except as provided in subsection (3), a reporting entity must carry out verification of identity before establishing a business relationship or conducting an occasional transaction or activity
3: Verification of identity may be completed after the business relationship has been established if—
a: it is essential not to interrupt normal business practice; and
b: money laundering and financing of terrorism risks are effectively managed through procedures of transaction limitations and account monitoring or (if the reporting entity is not a financial institution) through other appropriate risk management procedures
c: verification of identity is completed as soon as is practicable once the business relationship has been established. Section 24(2) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 24(3)(b) amended 11 August 2017 section 16 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
25: Enhanced customer due diligence: other requirements
In the circumstances described in section 22(1)(a), 22(2)(a), and 22(5)(a)
26: Politically exposed person
1: The reporting entity must, as soon as practicable after establishing a business relationship or conducting an occasional transaction or activity
2: If a reporting entity determines that a customer or beneficial owner with whom it has established a business relationship is a politically exposed person, then—
a: the reporting entity must have senior management approval for continuing the business relationship; and
b: the reporting entity must obtain information about the source of wealth or funds of the customer or beneficial owner and take reasonable steps to verify the source of that wealth or those funds.
3: If a reporting entity determines that a customer or beneficial owner with whom it has conducted an occasional transaction or activity or other activity Section 26(1) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 26(3) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
27: Wire transfers: identity requirements
1: A reporting entity that is an ordering institution must identify the originator of a wire transfer that is equal to or above
a: the originator's full name; and
b: the originator's account number or other identifying information that may be prescribed and allows the transaction to be traced back to the originator; and
c: one of the following:
i: the originator's address:
ii: the originator's national identity number:
iii: the originator's customer identification number:
iv: the originator's place and date of birth; and
d: any information prescribed by section 27A
2: However, if the wire transfer is a domestic wire transfer, a reporting entity that is an ordering institution may identify the originator by obtaining the originator's account number or other identifying information that may be prescribed and allows the transaction to be traced back to the originator if the reporting entity that is the ordering institution is able to provide the information specified in subsection (1)(a), (c), and (d) within 3 working days of a request being made by the beneficiary institution.
3: Regulations may be made under section 154(1)(c)
4: The information obtained by the reporting entity (the ordering institution under subsection (1) or (2), as the case may be) must accompany the wire transfer.
5: A reporting entity that is a beneficiary institution must—
a: use effective risk-based procedures for handling wire transfers that are not accompanied by all the information specified in subsection (1); and
b: consider whether the wire transfers constitute a suspicious activity
6: Any information about the originator obtained by a reporting entity that is an intermediary institution must be provided by that reporting entity to the beneficiary institution as soon as practicable.
7: For the purposes of this section, a domestic wire transfer Section 27(1) amended 11 August 2017 section 17(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 27(1)(d) amended 11 August 2017 section 17(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 27(5)(b) amended 11 August 2017 section 17(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 27(6) replaced 5 December 2013 section 7 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2013
27A: Other identifying information prescribed in relation to wire transfers
1: Information that gives the name of the beneficiary of a wire transfer and the account number of that beneficiary or any unique transaction reference that allows the transaction to be traced is prescribed for the purposes of section 27(1)(d)
2: In the case of a domestic wire transfer, any information that enables the transaction itself to be identified and traced to the originator is prescribed to be other identifying information for the purposes of section 27(2) Section 27A inserted 11 August 2017 section 18 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
28: Wire transfers: verification of identity requirements
1: The ordering institution must, according to the level of risk involved,—
a: verify the originator’s identity so that the reporting entity is satisfied that the information obtained under section 27
b: verify any other information prescribed by regulations.
2: Verification of the originator's identity must be carried out before the wire transfer is ordered. Section 28(1)(a) replaced 5 December 2013 section 8 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2013
29: Correspondent banking relationships
1: A financial institution (the correspondent respondent
2: The correspondent must—
a: gather enough information about the respondent to understand fully the nature of the respondent’s business; and
b: determine from publicly available information the reputation of the respondent and whether and to what extent the respondent is supervised for AML/CFT purposes, including whether the respondent has been subject to a money laundering or financing of terrorism investigation or regulatory action; and
c: assess the respondent’s anti-money laundering and countering financing of terrorism controls to ascertain that those controls are adequate and effective; and
d: have approval from its senior management before establishing a new correspondent banking relationship; and
e: document the respective AML/CFT responsibilities of the correspondent and the respondent; and
f: be satisfied that, in respect of those of the respondent’s customers who have direct access to accounts of the correspondent, the respondent―
i: has verified the identity of, and conducts ongoing monitoring in respect of, those customers; and
ii: is able to provide to the correspondent, on request, the documents, data, or information obtained when conducting the relevant customer due diligence and ongoing customer due diligence; and
g: meet any other requirements prescribed by regulations and that apply to correspondent banking relationships.
3: For the purposes of this Act or regulations correspondent banking relationship correspondent respondent
a: the correspondent carries on an activity or business at or through a permanent establishment of the correspondent in a particular country; and
b: the respondent carries on an activity or business at or through a permanent establishment of the respondent in another country; and
c: the correspondent banking relationship relates, in whole or in part, to those permanent establishments; and
d: the relationship is not of a kind specified in regulations; and
e: the banking services are not of a kind specified in regulations. Section 29(3) amended 11 August 2017 section 19 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
30: New or developing technologies, or products, that might favour anonymity
Before a reporting entity establishes a business relationship or conducts an occasional transaction or activity sections 15 16
a: take any additional measures that may be needed to mitigate and manage the risk of new or developing technologies, or new or developing products, that might favour anonymity from being used in the commission of a money laundering offence or for the financing of terrorism; and
b: meet any other requirements prescribed by regulations and that apply to the particular technology or product. Section 30 amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Ongoing customer due diligence and account monitoring
31: Ongoing customer due diligence and account monitoring
1: This section applies to a business relationship between a reporting entity and a customer.
2: A reporting entity must conduct ongoing customer due diligence and undertake account monitoring in order to—
a: ensure that the business relationship and the transactions relating to that business relationship are consistent with the reporting entity’s knowledge about the customer and the customer’s business and risk profile; and
b: identify any grounds for reporting a suspicious activity under paragraph (b) of the definition of that term in section 39A
3: When conducting ongoing customer due diligence and undertaking account monitoring, the reporting entity must have regard to—
a: the type of customer due diligence conducted when the business relationship with the customer was established; and
b: the level of risk involved.
4: When conducting ongoing customer due diligence and undertaking account monitoring, a reporting entity must do at least the following:
a: regularly review the customer's account activity and transaction behaviour; and
b: regularly review any customer information obtained under sections 15 17 19 21 23 25 26 27 29 30
c: anything prescribed by regulations. Section 31(2)(b) amended 11 August 2017 section 20 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Reliance on third parties
32: Reliance on member of designated business group
1: A reporting entity ( member A
a: rely on another member of the group ( member B
i: any identity information is given to member A by member B before member A establishes a business relationship or an occasional transaction or activity
ii: any verification information is given to member A by member B as soon as practicable on request by the reporting entity, but within 5 working days of the request, occasional transaction or activity
b: adopt that part of an AML/CFT programme of another member of the group that relates to record keeping, account monitoring, ongoing customer due diligence, and annual reporting and share and use the procedures, policies, and controls relating to those parts of the programme subject to any conditions prescribed by regulations:
c: use another member of the group's risk assessment if that risk assessment is relevant to member A's business:
d: make a suspicious activity or prescribed transaction
1A: A reporting entity ( member A member B
2: Despite subsection (1), a reporting entity, and not the member of the designated business group relied on by the reporting entity, is responsible for ensuring that it is complying with this Act and regulations.
3: An AML/CFT supervisor for a reporting entity that is part of a designated business group may require the reporting entity to undertake its own risk assessment or develop its own AML/CFT programme if the AML/CFT supervisor is of the view that the risk assessment or AML/CFT programme being, or proposed to be, relied on by the reporting entity is not appropriate for that entity.
4: This section is subject to section 36 Anti-Money Laundering and Counter-Terrorism Financing Act 2006 s 36(4) (Aust) Section 32(1)(a)(i) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 32(1)(a)(ii) amended 11 August 2017 section 21(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 32(1)(a)(ii) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 32(1)(d) amended 11 August 2017 section 21(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 32(1A) inserted 11 August 2017 section 21(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
33: Reliance on other reporting entities or persons in another country
1: Subject to the conditions in subsection (2), a reporting entity may rely on another person (who is not an agent) to conduct the customer due diligence procedures required for customer due diligence under this Act or regulations.
2: The conditions are that—
a: the person being relied on is either—
i: a reporting entity; or
ii: a person who is resident in a country with sufficient anti-money laundering and countering financing of terrorism systems and measures in place and who is supervised or regulated for AML/CFT purposes; and
b: the person has a business relationship with the customer concerned; and
c: the person has conducted relevant customer due diligence procedures to at least the standard required by this Act and regulations and has provided to the reporting entity—
i: relevant identity information before the reporting entity establishes a business relationship or an occasional transaction or activity
ii: relevant verification information as soon as practicable on request by the reporting entity, but within 5 working days of the request
d: the person consents to conducting the customer due diligence procedures for the reporting entity and to providing all relevant information to the reporting entity; and
e: any other conditions prescribed by regulations are complied with.
3: Despite subsection (1), a reporting entity relying on a third party to conduct the customer due diligence procedure, and not the person carrying out the customer due diligence procedure, is responsible for ensuring that customer due diligence is carried out in accordance with this Act.
3A: However, a reporting entity relying on a third party to conduct the customer due diligence procedure is not responsible for ensuring that customer due diligence is carried out in accordance with this Act if the following conditions are met:
a: the reporting entity is acting in good faith when relying on a third party; and
b: the reporting entity has reasonable cause to believe the reporting entity that is relied on has conducted relevant customer due diligence procedures to at least the standard required by this Act and regulations; and
c: the reporting entity being relied on is an approved entity or is within an approved class of entities; and
d: the conditions (if any) prescribed by regulations are complied with. Section 33(2)(c)(i) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 33(2)(c)(ii) amended 11 August 2017 section 22(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 33(3A) inserted 11 August 2017 section 22(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
34: Reliance on agents
Subject to any conditions that may be prescribed by regulations, a reporting entity may authorise a person to be its agent and rely on that agent to conduct the customer due diligence procedures and obtain any information required for customer due diligence under this Act or regulations.
35: Use of information obtained from third party conducting customer due diligence
Information obtained by a third party conducting customer due diligence under sections 32 to 34
36: Protection of personal information and designated business groups
1: This section applies to personal information that is either—
a: identity or verification information received for the purposes of section 32(1)(a)
b: information received for the purposes of section 32(1)(b)
2: Any information supplied by any member of a designated business group to another member of that group must be subject to privacy protections at least equivalent to those set out in information privacy principles 5 to 12 set out in section 22
3: Each member of the designated business group must agree, in writing, to comply with information privacy principles 5 to 12 set out in section 22
4: The entity that provides information to another member of its designated business group remains responsible for the use or disclosure of that information.
5: A reporting entity may use or disclose information to which this section applies only as follows:
a: it may use identity and verification information received for the purposes of section 32(1)(a) suspicious activity report
b: it may disclose information for the purposes of section 32(1)(b) suspicious activity Section 36(2) amended 1 December 2020 section 217 Privacy Act 2020 Section 36(3) amended 1 December 2020 section 217 Privacy Act 2020 Section 36(5)(a) amended 11 August 2017 section 23(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 36(5)(b) amended 11 August 2017 section 23(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Prohibitions
37: Prohibitions if customer due diligence not conducted
1: If, in relation to a customer, a reporting entity is unable to conduct customer due diligence in accordance with this subpart, the reporting entity—
a: must not establish a business relationship with the customer; and
b: must terminate any existing business relationship with the customer; and
c: must not carry out an occasional transaction or activity
d: must consider whether to make a suspicious activity report
e: may disclose the possibility of making a suspicious activity section 46(2)
2: A reporting entity is not prohibited by subsection (1)(a) or (b) from establishing or continuing a business relationship with a customer in respect of an activity that is not specified in section 6(4) Section 37(1)(c) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 37(1)(d) amended 11 August 2017 section 24(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 37(1)(e) amended 11 August 2017 section 24(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 37(2) inserted 11 August 2017 section 24(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
38: Prohibition on false customer names and customer anonymity
1: A reporting entity must not,—
a: knowingly or recklessly, set up a facility for a customer on the basis of customer anonymity:
b: without lawful justification or reasonable excuse, set up a facility for a customer under a false customer name.
2: Subsection (1) does not apply to a facility—
a: that has a number or other identifier allocated to it and the customer and any
b: that has been set up for the Commissioner or for the New Zealand Security Intelligence Service or for the Government Communications Security Bureau Section 38(2)(a) amended 12 December 2012 section 5 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2012 Section 38(2)(b) amended 24 October 2019 section 4 Statutes Amendment Act 2019
39: Prohibition on establishing or continuing business relationship involving shell bank
1: A reporting entity must not establish or continue a business relationship with, or allow an occasional transaction or activity
a: a shell bank; or
b: a financial institution that has a correspondent banking relationship with a shell bank.
2: For the purposes of subsection (1), a shell bank
a: is incorporated in a foreign country; and
b: is authorised to carry on banking business in its country of incorporation; and
c: does not have a physical presence in its country of incorporation; and
d: is not an affiliate of another corporation that—
i: is incorporated in a particular country; and
ii: is authorised to carry on banking business in its country of incorporation; and
iii: is sufficiently supervised and monitored in carrying on its banking business; and
iv: has a physical presence in its country of incorporation.
3: For the purposes of paragraph (d) of the definition of shell bank
a: the corporation is a subsidiary of the other corporation; or
b: both corporations are under common effective control; or
c: both corporations are declared to be affiliated in accordance with regulations (if any).
4: For the purposes of the definition of shell bank
a: the corporation carries on banking business at a place in that country; and
b: banking operations of the corporation are managed and conducted from that place. Anti-Money Laundering and Counter-Terrorism Financing Act 2006 ss 15, 95 (Aust) Section 39(1) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
2: Suspicious activity reports
Subpart 2 replaced 11 August 2017 section 25 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
39A: Interpretation
For the purposes of this subpart,— service
a: means an activity that is carried out by a reporting entity; but
b: does not include an activity unless section 6(4) suspicious activity
a: in which—
i: a person conducts or seeks to conduct a transaction through a reporting entity; or
ii: a reporting entity provides or proposes to provide a service to a person; or
iii: a person requests a reporting entity to provide a service or makes an inquiry to the reporting entity in relation to a service; and
b: where the reporting entity has reasonable grounds to suspect that the transaction or proposed transaction, the service or proposed service, or the inquiry, as the case may be, is or may be relevant to—
i: the investigation or prosecution of any person for a money laundering offence; or
ii: the enforcement of the Misuse of Drugs Act 1975
iii: the enforcement of the Terrorism Suppression Act 2002
iv: the enforcement of the Proceeds of Crime Act 1991 Criminal Proceeds (Recovery) Act 2009
v: the investigation or prosecution of an offence (within the meaning of section 243(1) Section 39A inserted 11 August 2017 section 25 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
40: Reporting entities to report suspicious activities
1: Subsections (3) and (4) apply to reporting entities other than high-value dealers.
2: Subsection (5) applies to high-value dealers.
3: If this subsection applies, the reporting entity must, as soon as practicable but no later than 3 working days after forming its suspicion, report the activity, or suspicious activity, to the Commissioner in accordance with section 41
4: Nothing in subsection (3) requires any person to disclose any information that the person believes on reasonable grounds is a privileged communication.
5: A high-value dealer may report a suspicious activity to the Commissioner. Section 40 replaced 11 August 2017 section 25 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
41: Nature of suspicious activity report
1: Except as provided in subsection (2), a report under section 40
a: be in the prescribed form (if any); and
b: contain the details prescribed by regulations; and
c: contain a statement of the grounds on which the reporting entity holds the suspicions referred to in paragraph (b) of the definition of suspicious activity in section 39A
d: be signed by a person authorised by the reporting entity to sign suspicious activity reports (unless the report is forwarded by electronic means); and
e: be forwarded, in writing, to the Commissioner—
i: by way of secure electronic transmission by a means specified or provided by the Commissioner for that purpose; or
ii: by another means (including, without limitation, by way of transmission by fax or email) that may be agreed from time to time between the Commissioner and the reporting entity concerned.
2: If the urgency of the situation requires, a suspicious activity report may be made orally to any Police employee authorised for the purpose by the Commissioner, but in any such case the reporting entity must, as soon as practicable but no later than 3 working days after forming its suspicions, forward to the Commissioner a suspicious activity report that complies with the requirements in subsection (1).
3: The Commissioner may confer the authority to receive a suspicious activity report under subsection (2) on—
a: any specified Police employee; or
b: Police employees of any specified rank or class; or
c: any Police employee or Police employees for the time being holding any specified office or specified class of offices. Section 41 replaced 11 August 2017 section 25 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
42: Privileged communication defined
1: A communication is a privileged communication
a: it is a confidential communication (oral or written) (including any information or opinion)—
i: that passes between—
A: a lawyer and another lawyer in their professional capacity; or
B: a lawyer in his or her professional capacity and his or her client; or
C: any person described in subsubparagraph (A) or (B) and the agent of the other person described in that subsubparagraph (or between the agents of both the persons described) either directly or indirectly; and
ii: that is made or brought into existence for the purpose of obtaining or giving legal advice or assistance; or
b: it is a communication (including any information or opinion) that—
i: is subject to the general law governing legal professional privilege; or
ii: is specified in section 53 54 55 56 57
2: However, a communication is not a privileged communication—
a: if there is a prima facie case that the communication or information is made or received, or compiled or prepared,—
i: for a dishonest purpose; or
ii: to enable or aid the commission of an offence; or
b: if, where the information wholly or partly consists of, or relates to, the receipts, payments, income, expenditure, or financial transactions of any specified person, it is contained in (or comprises the whole or a part of) any book, account, statement, or other record prepared or kept by the lawyer in connection with a trust account of the lawyer within the meaning of section 6
3: For the purposes of this section, references to a lawyer Section 42 replaced 11 August 2017 section 25 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
43: Auditors may report suspicious activities
1: Despite any other enactment or any rule of law, this section applies to a person who, in the course of carrying out the duties of that person’s occupation as an auditor, has reasonable grounds to suspect, in relation to any activity, that the activity is relevant to—
a: the investigation or prosecution of any person for a money laundering offence; or
b: the enforcement of the Misuse of Drugs Act 1975
c: the enforcement of the Terrorism Suppression Act 2002
d: the enforcement of the Proceeds of Crime Act 1991 Criminal Proceeds (Recovery) Act 2009
e: the investigation or prosecution of an offence (within the meaning of section 243(1)
2: A person may report an activity referred to in subsection (1) to the Commissioner. Section 43 replaced 11 August 2017 section 25 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
44: Protection of persons reporting suspicious activities
1: Subsection (2) applies to a person who—
a: discloses or supplies any information in any suspicious activity report; or
b: supplies any information in connection with any suspicious activity report, whether at the time the report is made or afterwards.
2: No civil, criminal, or disciplinary proceedings lie against a person to whom subsection (1) applies—
a: in respect of the disclosure or supply, or the manner of the disclosure or supply, by that person of the information referred to in that subsection; or
b: for any consequences that follow from the disclosure or supply of that information.
3: If any information is reported under section 43
a: in respect of the disclosure or supply, or the manner of the disclosure or supply, of that information by that person; or
b: for any consequences that follow from the disclosure or supply of that information.
4: However, subsections (2) and (3) do not apply—
a: if the information was disclosed or supplied in bad faith; or
b: if, in the case of information disclosed or supplied by a lawyer, there were reasonable grounds to believe that the information was a privileged communication but the lawyer disclosed it or supplied it despite the existence of those grounds.
5: Nothing in this section applies in respect of proceedings for an offence under any of sections 92 to 97 Section 44 replaced 11 August 2017 section 25 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
45: Immunity from liability for disclosure of information relating to money laundering transactions
1: This section applies if—
a: a person does any act that would constitute, or that the person believes would constitute, an offence against section 243(2) or (3)
b: in respect of the doing of that act, that person would have, by virtue of section 244 section 243(2) or (3)
c: that person discloses to any Police employee any information relating to a money laundering transaction (within the meaning of section 243(4)
d: that information is so disclosed, in good faith, for the purpose of, or in connection with, the enforcement or intended enforcement of any enactment or provision referred to in section 244(a)
e: that person is otherwise under any obligation (whether arising by virtue of any enactment or any rule of law or any other instrument) to maintain secrecy in relation to, or not to disclose, that information.
2: If this section applies, then, without limiting section 44 Section 45 replaced 11 August 2017 section 25 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
46: Disclosure of information relating to suspicious activity reports
1: This section and section 47
a: any suspicious activity report:
b: any information the disclosure of which will identify, or is reasonably likely to identify, any person—
i: as a person who, in his or her capacity as an officer or employee of a reporting entity, has handled a transaction in respect of which a suspicious activity report was made; or
ii: as a person who has prepared a suspicious activity report; or
iii: as a person who has made a suspicious activity report:
c: any information that discloses, or is reasonably likely to disclose, the existence of a suspicious activity report.
2: A reporting entity must not disclose information to which this section relates to any person except—
a: a Police employee who is authorised by the Commissioner to receive the information; or
b: the reporting entity’s AML/CFT supervisor; or
c: an officer or employee of the reporting entity, for any purpose connected with the performance of that person's duties; or
d: a lawyer, for the purpose of obtaining legal advice or representation in relation to the matter; or
e: another member of a designated business group of which the reporting entity is a member, to the extent necessary for the reporting entity to decide whether to make a suspicious activity report.
3: A Police employee may disclose information to which this section applies only for law enforcement purposes.
4: An AML/CFT supervisor may disclose information to which this section applies only to the Police for law enforcement purposes.
5: A person to whom a function or power has been delegated under section 134
6: A person ( person A
a: the performance of person A's duties; or
b: obtaining legal advice or representation in relation to the matter.
7: A person referred to in subsection (2)(d) to whom disclosure of any information to which that subsection applies has been made must not disclose that information except to a person of the kind referred to in that subsection for the purpose of giving legal advice or making representations in relation to the matter.
8: Any other person who has information to which this section applies may disclose that information only to the Police for law enforcement purposes. Section 46 replaced 11 August 2017 section 25 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
47: Disclosure of information in proceedings
1: No person may disclose, in any judicial proceeding (within the meaning of section 108(4)
2: Nothing in this section prohibits the disclosure of any information for the purposes of the prosecution of any offence against section 93 94 Section 47 replaced 11 August 2017 section 25 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
48: Disclosure of personal information relating to employees or senior managers
An AML/CFT supervisor that has, in the performance and exercise of its functions and powers under this Act, obtained personal information about employees or senior managers may disclose that information to another government agency for the following purposes if the AML/CFT supervisor is satisfied that the agency has a proper interest in receiving the information:
a: law enforcement purposes:
b: the detection, investigation, and prosecution of any offence under the following Acts:
i: the Companies Act 1993
ii:
iii: the Financial Service Providers (Registration and Dispute Resolution) Act 2008
iv: the Gambling Act 2003
v: the Reserve Bank of New Zealand Act 2021 section 5
vi: the Financial Markets Conduct Act 2013 Section 48 replaced 11 August 2017 section 25 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 48(b)(ii) repealed 15 March 2021 section 98 Financial Services Legislation Amendment Act 2019 Section 48(b)(v) replaced 1 July 2022 section 300(1) Reserve Bank of New Zealand Act 2021
2A: Prescribed transaction reports
Subpart 2A inserted 1 July 2017 section 9 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015
48A: Reporting entities to report certain prescribed transactions
1: Despite any other enactment or rule of law, but subject to any regulations made under section 154 section 48B
2: Nothing in subsection (1) requires any lawyer to disclose any privileged communication (as defined in section 42 Section 48A inserted 1 July 2017 section 9 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015
48B: Prescribed transaction reports
1: Except as provided in subsection (2), a report made under section 48A(1)
a: be in the form or forms (if any) prescribed by regulations made under section 153(c)
b: contain the following information:
i: a description of the nature of the transaction:
ii: the amount of the transaction and the currency in which it was denominated:
iii: the date on which the transaction was conducted:
iv: the parties to the transaction:
v: if applicable, the name of the facility through which the transaction was conducted, and any other facilities (whether or not provided by the reporting entity) directly involved in the transaction:
vi: any other information prescribed by regulations made under section 153(c)
c: be signed by a person authorised by the reporting entity to sign prescribed transaction reports (unless the report is provided by electronic means other than an electronic copy of the signed report); and
d: be forwarded, in writing, to the Commissioner—
i: by way of secure electronic transmission specified or provided by the Commissioner for this purpose; or
ii: by another means (including, without limitation, by way of transmission by post, fax, or email) that may be agreed from time to time between the Commissioner and the reporting entity concerned.
2: The Commissioner may confer the authority to receive a prescribed transaction report under subsection (1) on—
a: any specified Police employee; or
b: Police employees of any specified rank or class; or
c: any Police employee or Police employees for the time being holding any specified office or specified class of offices. Section 48B inserted 1 July 2017 section 9 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015
48C: Sections 43 to 48 apply to prescribed transactions
Sections 43 to 48 Section 48C inserted 1 July 2017 section 9 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015
3: Record keeping
49: Obligation to keep transaction records
1: In relation to every transaction that is conducted through a reporting entity, the reporting entity must keep those records that are reasonably necessary to enable that transaction to be readily reconstructed at any time.
2: Without limiting subsection (1), records must contain the following information:
a: the nature of the transaction:
b: the amount of the transaction and the currency in which it was denominated:
c: the date on which the transaction was conducted:
d: the parties to the transaction:
e: if applicable, the facility through which the transaction was conducted, and any other facilities (whether or not provided by the reporting entity) directly involved in the transaction:
f: the name of the officer or employee or agent of the reporting entity who handled the transaction, if that officer, employee, or agent—
i: has face-to-face dealings in respect of the transaction with any of the parties to the transaction; and
ii: has formed a suspicion (of the kind referred to in paragraph (b) of the definition of suspicious activity in section 39A
g: any other information prescribed by regulations.
3: A reporting entity must retain the records kept by that reporting entity, in accordance with this section, in relation to a transaction for—
a: a period of at least 5 years after the completion of that transaction; or
b: any longer period that the AML/CFT supervisor for the reporting entity, or the Commissioner, specifies. 1996 No 9 s 29 Section 49(2)(f)(ii) amended 30 November 2022 section 12 Statutes Amendment Act 2022
49A: Obligation to keep reports of suspicious activities
1: If a reporting entity reports a suspicious activity to the Commissioner, the reporting entity must keep a copy of that report.
2: The reporting entity must keep a copy of the report for—
a: a period of at least 5 years after the report is made; or
b: any longer period that the AML/CFT supervisor for the reporting entity, or the Commissioner, specifies. Section 49A inserted 11 August 2017 section 26 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
50: Obligation to keep identity and verification records
1: In respect of each case in which a reporting entity is required, under subpart 1
2: Without limiting subsection (1), those records may comprise—
a: a copy of the evidence so used; or
b: if it is not practicable to retain that evidence, any information as is reasonably necessary to enable that evidence to be obtained.
3: A reporting entity must retain the records kept by that reporting entity for,—
a: in the case of records relating to the identity and verification of the identity of a person in relation to establishing a business relationship, a period of at least 5 years after the end of that business relationship; or
b: in the case of records relating to the identity and verification of the identity of a person in relation to conducting an occasional transaction or activity occasional transaction or activity
c: in the case of records relating to the identity and verification of the identity of an originator in relation to a wire transfer,—
i: if the wire transfer is conducted by a customer with whom the reporting entity has a business relationship, a period of at least 5 years after the end of that business relationship; or
ii: if the wire transfer is an occasional transaction or activity 1996 No 9 s 30 Section 50(3)(b) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 50(3)(c)(ii) amended 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
51: Obligation to keep other records
1: A reporting entity must keep the following records in addition to the records referred to in sections 49 50
a: records that are relevant to the establishment of the business relationship; and
b: records relating to risk assessments, AML/CFT programmes, and audits; and
c: any other records (for example, account files, business correspondence, and written findings) relating to, and obtained during the course of, a business relationship that are reasonably necessary to establish the nature and purpose of, and activities relating to, the business relationship ; and
d: any other records prescribed by regulations made under section 153
2: The records relating to risk assessment, AML/CFT programmes, and audits must be kept for a period of at least 5 years after the date on which they ceased to be used on a regular basis.
3: A reporting entity must make records relating to risk assessments, AML/CFT programmes, and audits available to its AML/CFT supervisor on request. 1996 No 9 s 31 Section 51(1)(c) amended 11 August 2017 section 27(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 51(1)(d) inserted 11 August 2017 section 27(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 51(2) replaced 11 August 2017 section 27(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
52: How records to be kept
Records required by this subpart to be kept by a reporting entity must—
a: be kept either in written form in the English language, or so as to enable the records to be readily accessible and readily convertible into written form in the English language; and
b: be kept in the manner prescribed by regulations (if any). 1996 No 9 s 32
53: When records need not be kept
1: Nothing in this subpart requires the retention of any records kept by a reporting entity that has been liquidated and finally dissolved except as provided in subsection (2).
2: The High Court may, in relation to a reporting entity that is being or has been liquidated, make an order requiring that any or all of the records referred to in sections 50 51 1996 No 9 s 33
54: Destruction of records
1: Subject to subsection (2), a reporting entity must take all practicable steps to ensure that every record retained by that reporting entity under this subpart, and every copy of that record, is destroyed as soon as practicable after the expiry of the period for which the reporting entity is required to retain that record.
2: Nothing in this section requires the destruction of any record, or any copy of any record, in any case where there is a lawful reason for retaining that record.
3: Without limiting subsection (2), there is a lawful reason for retaining a record if the retention of that record is necessary—
a: in order to comply with the requirements of any other enactment; or
b: to enable a reporting entity to carry on its business; or
c: for the purposes of the detection, investigation, or prosecution of any offence. 1996 No 9 s 34
55: Other laws not affected
Nothing in this subpart limits or affects any other enactment that requires any reporting entity to keep or retain a record. 1996 No 9 s 35
4: Compliance with AML/CFT requirements
56: Reporting entity must have AML/CFT programme and AML/CFT compliance officer
1: A reporting entity must establish, implement, and maintain a compliance programme (an AML/CFT programme
a: detect money laundering and the financing of terrorism; and
b: manage and mitigate the risk of money laundering and financing of terrorism.
2: A reporting entity must designate an employee as an AML/CFT compliance officer to administer and maintain its AML/CFT programme.
3: In the case of a reporting entity that does not have employees, the reporting entity must appoint a person to act as its AML/CFT compliance officer.
4: The AML/CFT compliance officer must report to a senior manager of the reporting entity.
5: Despite subsections (2) to (4), if a reporting entity is a partnership,—
a: the partnership may designate one of the partners as an AML/CFT compliance officer to administer and maintain its AML/CFT programme, irrespective of whether the partnership has or does not have employees; and
b: the partner so designated must report to another partner designated for the purpose of receiving those reports by the partnership. Section 56(5) inserted 8 September 2018 section 6 Statutes Amendment Act 2018
57: Minimum requirements for AML/CFT programmes
1: A reporting entity’s AML/CFT programme must be in writing and section 58
a: vetting—
i: senior managers:
ii: the AML/CFT compliance officer:
iii: any other employee that is engaged in AML/CFT related duties; and
b: training on AML/CFT matters for the following employees:
i: senior managers:
ii: the AML/CFT compliance officer:
iii: any other employee that is engaged in AML/CFT related duties; and
c: complying with customer due diligence requirements (including ongoing customer due diligence and account monitoring); and
d: reporting suspicious activities
da: reporting prescribed transactions; and
e: record keeping; and
f: setting out what the reporting entity needs to do, or continue to do, to manage and mitigate the risks of money laundering and the financing of terrorism; and
g: examining, and keeping written findings relating to,—
i: complex or unusually large transactions; and
ii: unusual patterns of transactions that have no apparent economic or visible lawful purpose; and
iii: any other activity that the reporting entity regards as being particularly likely by its nature to be related to money laundering or the financing of terrorism; and
h: monitoring, examining, and keeping written findings relating to business relationships and transactions from or in countries that do not have or have insufficient anti-money laundering or countering financing of terrorism systems in place and have additional measures for dealing with or restricting dealings with such countries; and
i: preventing the use, for money laundering or the financing of terrorism, of products (for example, the misuse of technology) and transactions (for example, non-face-to-face business relationships or transactions) that might favour anonymity; and
j: determining when enhanced customer due diligence is required and when simplified customer due diligence might be permitted; and
k: providing when a person who is not the reporting entity may, and setting out the procedures for the person to, conduct the relevant customer due diligence on behalf of the reporting entity; and
l: monitoring and managing compliance with, and the internal communication of and training in, those procedures, policies, and controls.
2: In developing an AML/CFT programme, a reporting entity must have regard to any applicable guidance material produced by AML/CFT supervisors or the Commissioner relating to AML/CFT programmes. Section 57(1) amended 11 August 2017 section 28(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 57(1)(d) amended 11 August 2017 section 28(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 57(1)(da) inserted 1 July 2017 section 10 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 57(2) inserted 11 August 2017 section 28(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
58: Risk assessment
1: Before conducting customer due diligence or establishing an AML/CFT programme, a reporting entity must first undertake an assessment of the risk of money laundering and the financing of terrorism (a risk assessment
2: In assessing the risk, the reporting entity must have regard to the following:
a: the nature, size, and complexity of its business; and
b: the products and services it offers; and
c: the methods by which it delivers products and services to its customers; and
d: the types of customers it deals with; and
e: the countries it deals with; and
f: the institutions it deals with; and
g: any applicable guidance material produced by AML/CFT supervisors or the Commissioner relating to risk assessments; and
h: any other factors that may be provided for in regulations.
3: The risk assessment must be in writing and—
a: identify the risks faced by the reporting entity in the course of its business; and
b: describe how the reporting entity will ensure that the assessment remains current; and
c: enable the reporting entity to determine the level of risk involved in relation to relevant obligations under this Act and regulations.
59: Review and audit of risk assessment and AML/CFT programmes
1: A reporting entity (other than a high-value dealer) must review its risk assessment and AML/CFT programme to—
a: ensure that the risk assessment and AML/CFT programme are up to date; and
b: identify any deficiencies in the effectiveness of the risk assessment and the AML/CFT programme; and
c: make any changes to the risk assessment or AML/CFT programme identified as being necessary under paragraph (b).
2: A reporting entity (other than a high-value dealer) must ensure that its risk assessment and AML/CFT programme are audited every 2 years or during a different time period prescribed by regulations, or at any other time at the request of the relevant AML/CFT supervisor. Section 59 replaced 11 August 2017 section 29 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
59A: Audit of compliance with AML/CFT obligations
A high-value dealer must ensure that its compliance with its AML/CFT obligations under section 6(4)(d)(ii) Section 59A inserted 11 August 2017 section 29 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
59B: Who carries out audit
1: An audit under section 59 59A
2: A person appointed to conduct an audit is not required to be—
a: a chartered accountant within the meaning of section 19
b: qualified to undertake financial audits.
3: A person appointed to conduct an audit must not have been involved in—
a: the establishment, implementation, or maintenance of the reporting entity's AML/CFT programme (if any); or
b: the undertaking of the reporting entity's risk assessment (if any).
4: The audit of a risk assessment under section 59 section 58(3)
5: A reporting entity must provide a copy of any audit to its AML/CFT supervisor on request. Section 59B inserted 11 August 2017 section 29 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
60: Annual AML/CFT report
1: The reporting entity must prepare an annual report on its risk assessment and AML/CFT programme.
2: An annual report must—
a: be in the prescribed form; and
b: take into account the results and implications of the audit required by section 59(2)
c: contain any information prescribed by regulations.
3: The reporting entity must provide the annual report to its AML/CFT supervisor at a time appointed by the AML/CFT supervisor.
4: The AML/CFT supervisor must give the reporting entity reasonable notice of the requirement to provide the annual report.
61: Reporting entities to ensure that branches and subsidiaries comply with AML/CFT requirements
1: A reporting entity must ensure that its branches and subsidiaries that are in a foreign country apply, to the extent permitted by the law of that country, measures broadly equivalent to those set out in this Act and regulations with regard to the requirements for customer due diligence (including ongoing customer due diligence), risk assessments, AML/CFT programmes, and record keeping.
2: If the law of the foreign country does not permit the application of those equivalent measures by the branch or the subsidiary located in that country, the reporting entity must—
a: inform its AML/CFT supervisor accordingly; and
b: take additional measures to effectively handle the risk of a money laundering offence and the financing of terrorism.
3: A reporting entity must communicate (where relevant) the policies, procedures, and controls that it establishes, implements, and maintains in accordance with this subpart to its branches and subsidiaries that are outside New Zealand.
5: Codes of practice
62: Interpretation
In this Part, unless the context otherwise requires,— code of practice section 64 proposed code of practice section 63(1)
63: AML/CFT supervisors to prepare codes of practice for relevant sectors
1: An AML/CFT supervisor must, if directed to do so by the Minister responsible for that AML/CFT supervisor (the responsible Minister
a: 1 or more codes of practice for the sector of activity of the reporting entities for which it is the supervisor under section 130
b: an instrument that amends a code of practice or revokes the whole or any provision of a code of practice prepared under paragraph (a).
2: The purpose of a code of practice is to provide a statement of practice that assists reporting entities to comply with their obligations under this Act and regulations.
3: A direction under subsection (1) may (without limitation)—
a: relate generally to the obligations imposed on the relevant reporting entities by or under this Act or regulations or specify particular aspects of those obligations that are to be covered by the code of practice:
b: specify the amendments to be made or their intended effect, and specify the extent of the revocation to be made:
c: indicate the date by which the responsible Minister wishes the code of practice to be provided to him or her:
d: include details about the recommendation that the AML/CFT supervisor is required to provide under section 64(1)(a)
4: An AML/CFT supervisor must comply with a direction under subsection (1) as soon as practicable.
5: No code of practice has legal effect until approved by the responsible Minister under section 64(6)
64: Procedure for approval and publication of codes of practice
1: The responsible Minister must not approve a code of practice prepared by an AML/CFT supervisor unless—
a: the AML/CFT supervisor has made a recommendation that the Minister should approve the code of practice; and
b: the AML/CFT supervisor has consulted the persons and organisations that the Minister thinks appropriate, having regard to the subject matter of the proposed code of practice.
2: In consulting under subsection (1)(b), the AML/CFT supervisor must ensure that—
a: a copy of the proposed code of practice or a summary of its contents, in hard copy or electronic format, is provided to the persons and organisations being consulted; and
b: the persons and organisations being consulted have at least 20 working days to make submissions or representations about the proposed code of practice.
3: The responsible Minister may direct the AML/CFT supervisor to reconsider any aspect of the proposed code of practice and to make any amendments that the Minister considers necessary.
4: Despite subsection (3),—
a: if the AML/CFT supervisor does not amend the proposed code of practice as directed by the Minister or within the time specified by the Minister, the Minister may make those amendments:
b: the Minister may, after consultation with the AML/CFT supervisor, make any further amendments to the proposed code of practice that he or she considers necessary.
5: The responsible Minister must—
a: approve the proposed code of practice as prepared by the AML/CFT supervisor; or
b: approve the proposed code of practice as amended by the AML/CFT supervisor; or
c: approve the proposed code of practice as amended by the Minister after consultation with the AML/CFT supervisor.
6: A code of practice is secondary legislation ( see Part 3
7: That Act applies as if—
a: the Minister were the maker of the code of practice; and
b: the code of practice were made by the Minister approving it. The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation referred to in subsection (6). Legislation Act 2019 requirements for secondary legislation referred to in subsection (6) Publication The maker must: LA19 ss 73 74(1)(a) cl 14 •	publish it in the Gazette •	notify in the Gazette Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 64(6) replaced 28 October 2021 section 3 Secondary Legislation Act 2021 Section 64(7) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
65: Amendment and revocation of codes of practice
1: A code of practice may be amended or revoked in the same manner as that in which it was made.
2: Sections 63 64 66 67
66: Proof of codes of practice
Publication under the Legislation Act 2019 sections 64(1) to (5) 65 Section 66 replaced 28 October 2021 section 3 Secondary Legislation Act 2021
67: Legal effect of codes of practice
1: A reporting entity complies with an obligation imposed on it by or under this Act or regulations by—
a: complying with those provisions of a code of practice that state a means of satisfying the obligation; or
b: complying with the obligation by some other equally effective means.
2: However, a reporting entity may not rely on subsection (1)(b) as a defence to an act or omission on its part unless it has, by notice in writing given before the act or omission occurred, advised the AML/CFT supervisor that it has opted out of compliance with the code of practice and intends to satisfy its obligations by some other equally effective means.
3: If a person is charged with an offence in respect of a failure to comply with any provision of this Act, a court must, in determining whether that person has failed to comply with the provision, have regard to any code of practice in force under section 64(6)
4: If an application for an injunction against a person has been made under this Act, a court must, in determining whether to grant the injunction, have regard to any code of practice in force under section 64(6)
5: If an application for a pecuniary penalty against a person has been made under this Act, a court must, in determining whether to impose a pecuniary penalty, have regard to any code of practice in force under section 64(6)
5A: Cash transactions above applicable threshold value
Subpart 5A inserted 5 April 2023 section 27 Criminal Activity Intervention Legislation Act 2023
67A: Prohibition on certain cash transactions
A person who is in trade must not buy or sell any of the following articles by way of a cash transaction or a series of related cash transactions, if the total value of that transaction or those transactions is equal to or above the applicable threshold value:
a: jewellery:
b: watches:
c: gold, silver, or other precious metals:
d: diamonds, sapphires, or other precious stones:
e: motor vehicles (within the meaning of section 6(1)
f: ships (within the meaning of section 2(1) Section 67A inserted 5 April 2023 section 27 Criminal Activity Intervention Legislation Act 2023
6: Cross-border transportation of cash
68: Reports about movement of cash into or out of New Zealand
1: A person must not move cash into or out of New Zealand if—
a: the total amount of the cash is equal to or above
b: the person has not given a report in respect of the movement of that cash in accordance with this subpart; and
c: the movement of that cash is not exempted under this Act or regulations (if any).
2: For the purposes of this Act, a person moves cash into New Zealand if the person brings or sends the cash into New Zealand.
3: For the purposes of this Act, a person moves cash out of New Zealand if the person takes or sends the cash out of New Zealand. Anti-Money Laundering and Counter-Terrorism Financing Act 2006 ss 53(3), 57(2), 58 (Aust) Section 68(1)(a) amended 11 August 2017 section 30 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
69: Reports about receipt of cash from outside New Zealand
A person must not receive cash moved to the person from outside New Zealand if—
a: the total amount of the cash is equal to or above
b: the person has not given a report in respect of the movement of that cash in accordance with this subpart; and
c: the movement of that cash is not exempted under this Act or regulations (if any). Anti-Money Laundering and Counter-Terrorism Financing Act 2006 s 55(3) (Aust) Section 69(a) amended 11 August 2017 section 31 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
70: Reporting requirements
A report under this subpart must—
a: be in writing in the appropriate prescribed form
b: contain the prescribed information; and
c: be completed in accordance with regulations (if any); and
d: be provided to a Customs officer or any other prescribed person,—
i: in the case of accompanied cash, at the time prescribed for the purposes of this subparagraph; and
ii: in the case of unaccompanied cash, at the time prescribed for the purposes of this subparagraph. 1996 No 9 s 37 Section 70(a) amended 11 August 2017 section 32(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 70(d) replaced 11 August 2017 section 32(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
71: Information to be forwarded to Commissioner
1: If a report is made to a Customs officer under this subpart, that officer must, as soon as practicable, forward the report to the Commissioner.
2: If, in the course of conducting a search under this Act, a Customs officer discovers any cash in respect of which a report is required to be made under this subpart but has not been made, that officer must, as soon as practicable, report the details of the search, and of the cash, to the Commissioner.
3: Every report made under subsection (2) must be in the form that the Commissioner may determine after consultation with the chief executive of the New Zealand Customs Service.
4: The chief executive of the New Zealand Customs Service must—
a: cause a record to be made and kept of—
i: each occasion on which a cash report is made to a Customs officer; and
ii: the details of the identity of the person making the cash report; and
iii: the date on which the cash report is made; and
b: ensure that the record is retained for a period of not less than 1 year after the date on which the cash report is made. 1996 No 9 s 42
3: Enforcement
1: General provisions relating to Part
Proceedings for civil penalties
72: When and how civil penalty proceedings brought
1: An application for a civil penalty under this Part may be made no later than 6 years after the conduct giving rise to the liability to pay the civil penalty occurred.
2: In proceedings for a civil penalty under this Part,—
a: the standard of proof is the standard of proof that applies in civil proceedings; and
b: the relevant AML/CFT supervisor may, by order of the court, obtain discovery and administer interrogatories. Relationship between civil penalty and criminal proceedings
73: Relationship between concurrent civil penalty proceedings and criminal proceedings
1: Criminal proceedings for an offence under this Part may be commenced against a person in relation to particular conduct whether or not proceedings for a civil penalty under this Part have been commenced against the person in relation to the same or substantially the same conduct.
2: Proceedings under this Part for a civil penalty against a person in relation to particular conduct are stayed if criminal proceedings against the person are or have been commenced for an offence under this Part in relation to the same or substantially the same conduct.
3: After the criminal proceedings referred to in subsection (2) have been completed or withdrawn, a person may apply to have the stay lifted on the civil penalty proceedings referred to in that subsection.
74: One penalty only rule
1: If civil penalty or criminal proceedings under this Part are brought against a person in relation to particular conduct, a court may not impose a penalty (whether civil or criminal) on the person if a court has already imposed a penalty under this Part in proceedings relating to the same or substantially the same conduct.
2: If a person is or may be liable to more than 1 civil penalty under this Part in respect of the same or substantially the same conduct, civil penalty proceedings may be brought against the person for more than 1 civil penalty, but the person may not be required to pay more than 1 civil penalty in respect of the same or substantially the same conduct.
75: Restriction on use of evidence given in civil penalty proceedings
1: Evidence of information given, or evidence of production of documents, by a person is not admissible in criminal proceedings against the person for an offence under this Part or any other enactment if—
a: the person previously gave the evidence or produced the documents in civil penalty proceedings under this Part against him or her, whether or not a civil penalty was imposed; and
b: the proceedings for the civil penalty related to conduct that was the same or substantially the same as the conduct constituting the offence.
2: This section does not apply to criminal proceedings in respect of the falsity of the evidence given by the person in the proceedings for the civil penalty. Immunities
76: Protection for AML/CFT supervisors
No civil or criminal proceedings may be brought against an AML/CFT supervisor or a person who is or has been an officer, employee, member of, or member of the board of, an AML/CFT supervisor for anything done or omitted to be done in the course of the performance or exercise of the AML/CFT supervisor's functions or powers under this Act or regulations Section 76 amended 11 August 2017 section 33 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
77: Protection for reporting entities, officers, etc, acting in compliance with this Act
No reporting entity, or person who is, or has been, an officer, an employee, or a member of the governing body of the reporting entity, or person appointed under section 56(3)
a: was taken in good faith; and
b: was reasonable in the circumstances.
2: Civil liability
78: Meaning of civil liability act
In this Part, a civil liability act
a: fails to conduct customer due diligence as required by subpart 1
b: fails to adequately monitor accounts and transactions:
c: enters into or continues a business relationship with a person who does not produce or provide satisfactory evidence of the person’s identity:
d: enters into or continues a correspondent banking relationship with a shell bank:
da: fails to report transactions in accordance with subpart 2A
e: fails to keep records in accordance with the requirements of subpart 3
f: fails to establish, implement, or maintain an AML/CFT programme:
g: fails to ensure that its branches and subsidiaries comply with the relevant AML/CFT requirements:
h: enters into cash transactions in relation to certain items in breach of section 67A Section 78(da) inserted 1 July 2017 section 11 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 78(h) inserted 5 April 2023 section 28 Criminal Activity Intervention Legislation Act 2023
79: Possible responses to civil liability act
If a civil liability act is alleged to have occurred, the relevant AML/CFT supervisor may do 1 or more of the following:
a: issue a formal warning under section 80
b: accept an enforceable undertaking under section 81 section 82
c: seek an injunction from the High Court under section 85 87
d: apply to the court for a pecuniary penalty under section 90 Formal warnings
80: Formal warnings
1: The relevant AML/CFT supervisor may issue 1 or more formal warnings to a person if the AML/CFT supervisor has reasonable grounds to believe that that person has engaged in conduct that constituted a civil liability act.
2: A formal warning must be—
a: in the prescribed form; and
b: issued in the manner specified in regulations (if any). Enforceable undertakings
81: Enforceable undertakings
1: The relevant AML/CFT supervisor may accept a written undertaking given by a person in connection with compliance with this Act or regulations (if any).
2: The person may withdraw or vary the undertaking at any time, but only with the consent of the relevant AML/CFT supervisor.
82: Enforcement of undertakings
1: If the relevant AML/CFT supervisor considers that a person who gave an undertaking under section 81
2: If the court is satisfied that the person has breached 1 or more of the terms of the undertaking, the court may make any or all of the following orders:
a: an order directing the person to comply with any of the terms of the undertaking:
b: an order directing the person to pay to the AML/CFT supervisor an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach:
c: any order that the court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach.
83: Assessment of compensation for breach of undertakings
For the purposes of section 82(2)(c) person A
a: the extent to which any expenses incurred by person A are attributable to dealing with the breach:
b: the effect of the breach on person A's ability to carry on business or other activities:
c: any damage to the reputation of person A's business that is attributable to dealing with the breach:
d: any loss of business opportunities suffered by person A as a result of dealing with the breach:
e: any other matters that the court considers relevant. Injunctions
84: Powers of High Court not affected
The powers in sections 85 89
85: Performance injunctions
1: The High Court may, on the application of the relevant AML/CFT supervisor, grant an injunction requiring a person to do an act or thing if—
a: that person has refused or failed, or is refusing or failing, or is proposing to refuse or fail, to do that act or thing; and
b: the refusal or failure was, is, or would be a civil liability act.
2: The court may rescind or vary an injunction granted under this section.
86: When High Court may grant performance injunctions
1: The High Court may grant an injunction requiring a person to do an act or thing if—
a: it is satisfied that the person has refused or failed to do that act or thing; or
b: it appears to the court that, if an injunction is not granted, it is likely that the person will refuse or fail to do that act or thing.
2: Subsection (1)(a) applies whether or not it appears to the court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act or thing.
3: Subsection (1)(b) applies—
a: whether or not the person has previously refused or failed to do that act or thing; or
b: where there is an imminent danger of substantial damage to any other person if that person refuses or fails to do that act or thing.
87: Restraining injunctions
1: The High Court may, on the application of the relevant AML/CFT supervisor, grant an injunction restraining a person from engaging in conduct that constitutes or would constitute a contravention of a provision of this Act.
2: The court may rescind or vary an injunction granted under this section.
88: When High Court may grant restraining injunctions and interim injunctions
1: The High Court may grant an injunction restraining a person from engaging in conduct of a particular kind if—
a: it is satisfied that the person has engaged in conduct of that kind; or
b: it appears to the court that, if an injunction is not granted, it is likely that the person will engage in conduct of that kind.
2: The court may grant an interim injunction restraining a person from engaging in conduct of a particular kind if, in its opinion, it is desirable to do so.
3: Subsections (1)(a) and (2) apply whether or not it appears to the court that the person intends to engage again, or to continue to engage, in conduct of that kind.
4: Subsections (1)(b) and (2) apply—
a: whether or not the person has previously engaged in conduct of that kind; or
b: where there is an imminent danger of substantial damage to any other person if that person engages in conduct of that kind.
89: Undertaking as to damages not required by AML/CFT supervisor
1: If the relevant AML/CFT supervisor applies to the High Court for the grant of an interim injunction under this subpart, the court must not, as a condition of granting an interim injunction, require the AML/CFT supervisor to give an undertaking as to damages.
2: However, in determining the AML/CFT supervisor’s application for the grant of an interim injunction, the court must not take into account that the AML/CFT supervisor is not required to give an undertaking as to damages. Pecuniary penalties
90: Pecuniary penalties for civil liability act
1: On the application of the relevant AML/CFT supervisor, the High Court may order a person to pay a pecuniary penalty to the Crown, or to any other person specified by the court, if the court is satisfied that that person has engaged in conduct that constituted a civil liability act.
2: For a civil liability act specified in section 78(b), (c), (d), or (g)
a: in the case of an individual, $100,000; and
b: in the case of a body corporate or partnership
3: For a civil liability act specified in section 78(a), (da), (e), (f), or (h)
a: in the case of an individual, $200,000; and
b: in the case of a body corporate or partnership
4: In determining an appropriate pecuniary penalty, the court must have regard to all relevant matters, including—
a: the nature and extent of the civil liability act; and
b: the likelihood, nature, and extent of any damage to the integrity or reputation of New Zealand’s financial system because of the civil liability act; and
c: the circumstances in which the civil liability act occurred; and
d: whether the person has previously been found by the court in proceedings under this Act to have engaged in any similar conduct. Section 90(2)(b) amended 8 September 2018 section 7(1) Statutes Amendment Act 2018 Section 90(3) amended 5 April 2023 section 29 Criminal Activity Intervention Legislation Act 2023 Section 90(3) amended 1 July 2017 section 12 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 90(3)(b) amended 8 September 2018 section 7(2) Statutes Amendment Act 2018
3: Offences
Offence and penalties relating to civil liability act
91: Offence and penalties for civil liability act
A reporting entity that engages in conduct constituting a civil liability act commits an offence if the reporting entity engages in that conduct knowingly or recklessly. Offences relating to suspicious activity Heading replaced 1 July 2017 section 13 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Heading amended 11 August 2017 section 34 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
92: Failing to report suspicious
activity
1: A reporting entity commits an offence if—
a: an activity
b: the reporting entity has reasonable grounds to suspect that the activity or the proposed activity
i: relevant to the investigation or prosecution of any person for a money laundering offence; or
ii: relevant to the enforcement of the Misuse of Drugs Act 1975
iii: relevant to the enforcement of the Terrorism Suppression Act 2002
iv: relevant to the enforcement of the Proceeds of Crime Act 1991 Criminal Proceeds (Recovery) Act 2009 ; or
v: relevant to the investigation or prosecution of an offence section 243(1)
c: the reporting entity fails to report the activity or the proposed activity
2: It is a defence to a prosecution under this section if a reporting entity believes on reasonable grounds that the documents or information relating to the activity were privileged communications. 1996 No 9 s 22(1) Section 92 heading amended 11 August 2017 section 35(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 92(1)(a) amended 11 August 2017 section 35(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 92(1)(b) amended 11 August 2017 section 35(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 92(1)(b)(iv) amended 12 December 2012 section 6 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2012 Section 92(1)(b)(v) amended 1 July 2017 section 14 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 92(1)(c) amended 11 August 2017 section 35(4) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 92(2) inserted 11 August 2017 section 35(5) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
93: Providing false or misleading information in connection with
suspicious activity A person commits an offence who, in making a suspicious activity suspicious activity
a: makes any statement that the person knows is false or misleading in a material particular; or
b: omits from any statement any matter or thing without which the person knows that the statement is false or misleading in a material particular. 1996 No 9 s 22(3) Section 93 heading amended 11 August 2017 section 36(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 93 heading amended 1 July 2017 section 15(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 93 amended 11 August 2017 section 36(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 93 amended 1 July 2017 section 15(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015
94: Unlawful disclosure of
suspicious activity
1: A person commits an offence who contravenes section 46
a: for the purpose of obtaining, directly or indirectly, an advantage or a pecuniary gain for that person or any other person; or
b: with intent to prejudice any investigation into—
i: the commission or possible commission of a money laundering offence; or
ii: the financing of terrorism or the possible financing of terrorism.
2: A person commits an offence who—
a: is an officer or employee or a former officer or employee of a reporting entity, a person appointed as an AML/CFT compliance officer under section 56(3)
b: has become aware, or became aware, in the course of that person’s duties as such an officer or employee, that any investigation into any activity or proposed activity that is the subject of a suspicious activity report or a prescribed transaction report
c: knows that he or she is not legally authorised to disclose the information; and
d: discloses that information to any other person—
i: for the purpose of obtaining, directly or indirectly, an advantage or a pecuniary gain for that person or any other person; or
ii: with intent to prejudice any investigation into—
A: the commission or possible commission of a money laundering offence; or
B: the financing of terrorism or the possible financing of terrorism. 1996 No 9 s 22(4), (5) Section 94 heading amended 11 August 2017 section 37(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 94 heading amended 1 July 2017 section 16(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 94(2)(b) amended 11 August 2017 section 37(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 94(2)(b) amended 1 July 2017 section 16(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015
95: Failure to keep or retain adequate records relating to
suspicious activities A reporting entity commits an offence if the reporting entity fails to keep or retain adequate records relating to a suspicious activity or a prescribed transaction Section 95 heading amended 11 August 2017 section 38(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 95 heading amended 1 July 2017 section 17(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 95 amended 11 August 2017 section 38(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 95 amended 1 July 2017 section 17(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015
96: Obstruction of investigation relating to
suspicious activity
1: A person commits an offence if the person obstructs any investigation relating to any suspicious activity or prescribed transaction report
2: It is a defence to a prosecution under this section if the reporting entity believes on reasonable grounds that the documents or information were privileged communications. Section 96 heading amended 11 August 2017 section 39(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 96 heading amended 1 July 2017 section 18(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 96(1) amended 11 August 2017 section 39(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 96(1) amended 1 July 2017 section 18(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 96(2) inserted 11 August 2017 section 39(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
97: Contravention of section 47(1)
or 48A(1) A person commits an offence if the person acts in contravention of section 47(1) or 48A(1) 1996 No 9 s 22(8) Section 97 heading amended 1 July 2017 section 19(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 97 amended 1 July 2017 section 19(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015
98: Defence
1: It is a defence to a charge against a person in relation to a contravention of, or a failure to comply with, Part 2
a: the defendant took all reasonable steps to ensure that the defendant complied with that Part
b: in the circumstances of the particular case, the defendant could not reasonably have been expected to ensure that the defendant complied with that Part
2: In determining, for the purposes of subsection (1)(a), whether or not a defendant took all reasonable steps to comply with Part 2
a: the nature of the reporting entity and the activities in which it engages; and
b: the existence and adequacy of any procedures established by the reporting entity to ensure compliance with that Part.
3: Except as provided in subsection (4), subsection (1) does not apply unless, within 21 days after the service of the summons, or within such further time as the court may allow, the defendant has delivered to the prosecutor a written notice—
a: stating that the defendant intends to rely on the defence referred to in subsection (1); and
b: specifying the reasonable steps that the defendant will claim to have taken.
4: In any such prosecution, evidence that the defendant took a step not specified in the written notice required by subsection (3) is not, except with the leave of the court, admissible for the purpose of supporting a defence under subsection (1). 1996 No 9 s 23
99: Time limit for prosecution of offences relating to civil liability act and
suspicious activity or prescribed transaction reports Despite anything to the contrary in section 25 sections 91 to 97 Section 99 replaced 1 July 2013 section 413 Criminal Procedure Act 2011 Section 99 heading amended 11 August 2017 section 40 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 99 heading amended 1 July 2017 section 20 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015
100: Penalties
A reporting entity or person who commits an offence under any of sections 91 to 97
a: in the case of an individual, either or both of the following:
i: a term of imprisonment of not more than 2 years:
ii: a fine of up to $300,000; and
b: in the case of a body corporate or partnership Section 100(b) amended 8 September 2018 section 8 Statutes Amendment Act 2018 Other offences relating to non-compliance with AML/CFT requirements
101: Structuring transaction to avoid application of AML/CFT requirements
1: A person commits an offence if the person structures a transaction (other than a transaction that involves the cross-border transportation of cash) to avoid the application of any AML/CFT requirements.
2: For the purposes of this section, transaction Section 101(2) inserted 1 July 2017 section 21 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015
102: Offence to obstruct AML/CFT supervisor
A person commits an offence if the person wilfully obstructs any AML/CFT supervisor in the exercise of any power conferred or the performance of any function imposed on that supervisor by this Act or regulations Section 102 amended 11 August 2017 section 41 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
103: Offence to provide false or misleading information to AML/CFT supervisor
A person commits an offence if, without reasonable excuse, the person provides information to an AML/CFT supervisor knowing that information to be false or misleading in any material respect.
104: Time limit for prosecution of offences relating to non-compliance with AML/CFT requirements
Despite anything to the contrary in section 25 section 101 102 103 105A Section 104 replaced 1 July 2013 section 413 Criminal Procedure Act 2011 Section 104 amended 5 April 2023 section 30 Criminal Activity Intervention Legislation Act 2023
105: Penalties
1: A person who commits an offence under section 101
a: in the case of an individual, either or both of the following:
i: a term of imprisonment of not more than 2 years:
ii: a fine of up to $300,000; and
b: in the case of a body corporate or partnership
2: A person who commits an offence under either of sections 102 103
a: in the case of an individual, either or both of the following:
i: a term of imprisonment of not more than 3 months:
ii: a fine of up to $10,000; and
b: in the case of a body corporate or partnership Section 105(1)(b) amended 8 September 2018 section 9(1) Statutes Amendment Act 2018 Section 105(2)(b) amended 8 September 2018 section 9(2) Statutes Amendment Act 2018 Offence relating to cash transactions Heading inserted 5 April 2023 section 31 Criminal Activity Intervention Legislation Act 2023
105A: Contravention of section 67A
1: A person commits an offence who contravenes section 67A
2: A person who commits an offence under subsection (1) is liable, on conviction, to,—
a: in the case of an individual, either or both of the following:
i: a term of imprisonment of not more than 2 years:
ii: a fine of up to $300,000; and
b: in the case of a body corporate or partnership, a fine of up to $5 million. Section 105A inserted 5 April 2023 section 31 Criminal Activity Intervention Legislation Act 2023 Offences relating to cross-border transportation of cash
106: Failure to report cash
equal to or above A person commits an offence if the person fails, without reasonable excuse, to make or cause to be made a cash report, in accordance with subpart 6 equal to or above Section 106 heading amended 11 August 2017 section 42(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 106 amended 11 August 2017 section 42(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
107: Failure to report cash
equal to or above A person commits an offence if the person fails, without reasonable excuse, to make or cause to be made a cash report, in accordance with subpart 6 equal to or above Section 107 heading amended 11 August 2017 section 43(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 107 amended 11 August 2017 section 43(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
108: Structuring cross-border transportation to avoid application of AML/CFT requirements
A person commits an offence if the person structures a cross-border transportation of cash to avoid the application of any AML/CFT requirements.
109: Defence
It is a defence to an offence under section 106 107 section 70(d)
a: the failure was due to some emergency or to any other circumstances outside the reasonable control of the defendant; and
b: the defendant made or caused to be made a report in respect of that cash as soon as practicable after the obligation to make the report arose. 1996 No 9 s 40(3)
110: Providing false or misleading information in connection with cash report
A person commits an offence if, without reasonable excuse, the person makes or causes to be made a cash report knowing it is false or misleading in any material respect. 1996 No 9 s 40(1)(b)
111: Offence to obstruct or not to answer questions from Customs officer
1: A person commits an offence if the person wilfully obstructs any Customs officer in the exercise of any power conferred or performance of any duty imposed on that officer by this Act or regulations
2: A person commits an offence if, without reasonable excuse, the person fails to answer questions from a Customs officer. 1996 No 9 s 40(2) Section 111(1) amended 11 August 2017 section 44 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
112: Penalties
A person who commits an offence under any of sections 106 107 108 110 111
a: in the case of an individual, either or both of the following:
i: a term of imprisonment of not more than 3 months:
ii: a fine of up to $10,000; and
b: in the case of a body corporate or partnership Section 112 amended 1 July 2013 section 413 Criminal Procedure Act 2011 Section 112(b) amended 8 September 2018 section 10 Statutes Amendment Act 2018
113: Chief executive of New Zealand Customs Service may deal with cash reporting offences
1: This section applies if, in any case to which section 106 107
2: If this section applies, the chief executive of the New Zealand Customs Service may, at any time before a charging document has been filed section 112
3: If the chief executive of the New Zealand Customs Service accepts any sum under this section, the offender is not liable to be prosecuted for the offence in respect of which the payment was made. 1996 No 9 s 41 Section 113(2) amended 1 July 2013 section 413 Criminal Procedure Act 2011 Relationship with Customs and Excise Act 2018 Heading amended 1 October 2018 section 443(3) Customs and Excise Act 2018
114: Relationship with
Customs and Excise Act 2018
1: Nothing in this Act limits or affects the Customs and Excise Act 2018
2: The movement of cash in breach of any requirement of this Act or any regulations is, for the purposes of the Customs and Excise Act 2018
3: It is the duty of every Customs officer to prevent the movement of cash that is in breach of any requirement of this Act or any regulations.
4: For the purpose of carrying out the duty in subsection (3), a Customs officer may exercise his or her powers under the following sections of the Customs and Excise Act 2018
a: section 205
b: section 206
c: sections 210 211 214
d: sections 225 226
e: sections 227 237
f: section 228
g: section 252
h: section 257
i: section 258
j: sections 244 to 249 Section 114 heading amended 1 October 2018 section 443(3) Customs and Excise Act 2018 Section 114(1) amended 1 October 2018 section 443(3) Customs and Excise Act 2018 Section 114(2) amended 1 October 2018 section 443(3) Customs and Excise Act 2018 Section 114(4) replaced 1 October 2018 section 443(3) Customs and Excise Act 2018 Stored value instrument searches by Customs officer Heading replaced 1 October 2018 section 443(3) Customs and Excise Act 2018
115: Duty to assist Customs officer to access stored value instruments
1: A Customs officer exercising a search power or an examination power under section 114(4)
2: In this case, section 130
3: In this section, stored value instrument
a: means a portable device (for example, a debit card) that contains monetary value that is not physical currency but that can be reloaded or redeemed for cash; and
b: includes an instrument that is prescribed as a bearer-negotiable instrument under section 153(b) Section 115 replaced 1 October 2018 section 443(3) Customs and Excise Act 2018
4: Search and seizure
116: Definitions
In this subpart, unless the context otherwise requires,— document
a: means any record of information; and
b: includes—
i: anything on which there is writing or any image; and
ii: anything on which there are marks, figures, symbols, or perforations that have a meaning for persons qualified to interpret them; and
iii: anything from which sounds, images, or writing can be reproduced, with or without the aid of anything else dwellinghouse enforcement officer section 141 evidential material
a: an offence under this Part; or
b: an attempt to commit an offence under this Part; or
c: a civil liability act occupier
a: a person who is present at the place and is in apparent control of it; and
b: any person acting on behalf of the occupier place
a: means anywhere on, under, or over any land or water; and
b: includes all or any part of a building, structure, or conveyance seize thing
a: any substance, article, document, container, or equipment; and
b: anything in electronic or magnetic form. Search warrants
117: Search warrant
1: An enforcement officer may apply for a search warrant in respect of a place.
2: The application must be made by an enforcement officer in the manner provided in subpart 3
3: An issuing officer (within the meaning of section 3
4: The provisions of subparts 1 3 4 9
5:
6: Section 117(2) replaced 30 June 2013 section 201(3) Search and Surveillance Act 2012 Section 117(3) amended 30 June 2013 section 201(4) Search and Surveillance Act 2012 Section 117(4) replaced 30 June 2013 section 201(5) Search and Surveillance Act 2012 Section 117(4) amended 11 August 2017 section 45 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 117(5) repealed 30 June 2013 section 201(5) Search and Surveillance Act 2012 Section 117(6) repealed 30 June 2013 section 201(5) Search and Surveillance Act 2012
118: Powers under search warrant
1: A search warrant issued under section 117
a:
b:
c: search for
d: inspect and copy any document; and for that purpose also do any of the following:
i: require any person at the place to produce a particular document:
ii: require any person at the place who has control or knowledge of a document to reproduce, or assist in reproducing, the document in usable form:
iii: operate any equipment at the place:
iv: remove a document temporarily to another place in order to copy it:
e:
f: require the occupier of the place to answer any questions put by the enforcement officer or constable.
2: An enforcement officer or constable may require the occupier of the place to do the following:
a: hold any thing at the place in an unaltered state for a specified period of up to 5 working days:
b: provide a copy of particular documents within a specified period (which must be a period that is reasonable in the circumstances).
3: The provisions of Part 4 subpart 3 sections 118 119 130 Section 118(1)(a) repealed 30 June 2013 section 201(6) Search and Surveillance Act 2012 Section 118(1)(b) repealed 30 June 2013 section 201(6) Search and Surveillance Act 2012 Section 118(1)(c) amended 30 June 2013 section 201(7) Search and Surveillance Act 2012 Section 118(1)(e) repealed 30 June 2013 section 201(6) Search and Surveillance Act 2012 Section 118(3) replaced 30 June 2013 section 201(8) Search and Surveillance Act 2012 Conduct of entry, search, and seizure
119: Assistance with searches
Section 119 repealed 30 June 2013 section 201(9) Search and Surveillance Act 2012
120: Enforcement officers to show identity card on request
Section 120 repealed 30 June 2013 section 201(9) Search and Surveillance Act 2012
121: Announcement before entry
Section 121 repealed 30 June 2013 section 201(9) Search and Surveillance Act 2012
122: Details of warrant to be given to occupier
Section 122 repealed 30 June 2013 section 201(9) Search and Surveillance Act 2012
123: Occupier entitled to be present during search
1: The occupier of a place that is subject to a search under this subpart, and who is present at any time during the search, is entitled to observe the search as it is being carried out.
2: The right to observe the search ceases if the person observing impedes the search.
3: This section does not prevent 2 or more parts of the place being searched at the same time.
124: Use of electronic equipment
1: If an enforcement officer, a constable, or a person assisting a search operates electronic equipment found at a place during a search, the officer, constable, or person must take all reasonable care not to damage the equipment or corrupt information stored on it.
2: If, as a result of a failure to take the care required by subsection (1), the owner of the equipment or information, or the occupier of the place that was searched, suffers damage, the owner or occupier may seek damages from the relevant AML/CFT supervisor or the Police (as the case may require) in respect of that damage.
125: Copies of documents seized to be provided
Section 125 repealed 30 June 2013 section 201(9) Search and Surveillance Act 2012
126: Receipts for things seized
Section 126 repealed 30 June 2013 section 201(9) Search and Surveillance Act 2012
127: Application of sections 198A and 198B of Summary Proceedings Act 1957
Section 127 repealed 30 June 2013 section 201(9) Search and Surveillance Act 2012 Return and retention of things seized Heading repealed 30 June 2013 section 201(9) Search and Surveillance Act 2012
128: Return and retention of things seized
Section 128 repealed 30 June 2013 section 201(9) Search and Surveillance Act 2012
129: Order to retain things seized
Section 129 repealed 30 June 2013 section 201(9) Search and Surveillance Act 2012
4: Institutional arrangements and miscellaneous provisions
1: Institutional arrangements
AML/CFT supervisors
130: AML/CFT supervisors
1: The AML/CFT supervisors are as follows:
a: for registered Reserve Bank
b: for persons referred to in subsection (1A) (other than banks, life insurers, and non-bank deposit takers), the Financial Markets Authority is the relevant AML/CFT supervisor:
c: for designated non-financial businesses or professions and high-value dealers, the Department of Internal Affairs, or another AML/CFT supervisor prescribed for the purpose, is the relevant AML/CFT supervisor:
d: for TAB NZ
1A: For the purposes of subsection (1)(b), the persons are any of the following:
a: persons registered, or required to be registered, under the Financial Service Providers (Registration and Dispute Resolution) Act 2008
i: section 5(1)(a), (ab), (d), (i) to (id), and (ma)
ii: section 5(1)(k)
b: statutory supervisors within the meaning of section 5
2: If the products or services provided by a particular reporting entity are covered by more than 1 AML/CFT supervisor,—
a: the AML/CFT supervisors concerned may agree on the relevant AML/CFT supervisor that will be the reporting entity’s AML/CFT supervisor for the purposes of this Act; and
b: the relevant AML/CFT supervisor will notify the reporting entity accordingly.
3: If a reporting entity is a member of a designated business group and the products and services provided by members of that designated business group are covered by more than 1 AML/CFT supervisor,—
a: the AML/CFT supervisors concerned may agree on 1 AML/CFT supervisor that will be the AML/CFT supervisor for all the reporting entities that are members of the designated business group for the purposes of this Act; and
b: that AML/CFT supervisor will notify the reporting entities accordingly.
4: If the AML/CFT supervisors cannot agree on which AML/CFT supervisor is to be a reporting entity's supervisor under subsection (2) or (3), then the AML/CFT co-ordination committee must appoint the AML/CFT supervisor for that entity.
5: A reporting entity may have only 1 AML/CFT supervisor. Section 130(1)(a) amended 5 December 2013 section 9 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2013 Section 130(1)(b) replaced 1 December 2014 section 150 Financial Markets (Repeals and Amendments) Act 2013 Section 130(1)(c) replaced 11 August 2017 section 46 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 130(1)(d) inserted 11 August 2017 section 46 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 130(1)(d) amended 1 August 2020 section 129 Racing Industry Act 2020 Section 130(1A) inserted 1 December 2014 section 150 Financial Markets (Repeals and Amendments) Act 2013 Section 130(1A)(a)(i) replaced 15 March 2021 section 98 Financial Services Legislation Amendment Act 2019
131: Functions
The functions of an AML/CFT supervisor are to—
a: monitor and assess the level of risk of money laundering and the financing of terrorism across all of the reporting entities that it supervises:
b: monitor the reporting entities that it supervises for compliance with this Act and regulations, and for this purpose to develop and implement a supervisory programme:
c: provide guidance to the reporting entities it supervises in order to assist those entities to comply with this Act and regulations:
d: investigate the reporting entities it supervises and enforce compliance with this Act and regulations:
e: co-operate through the AML/CFT co-ordination committee (or any other mechanism that may be appropriate) with domestic and international counterparts to ensure the consistent, effective, and efficient implementation of this Act.
132: Powers
1: An AML/CFT supervisor has all the powers necessary to carry out its functions under this Act or regulations
2: Without limiting the power conferred by subsection (1), an AML/CFT supervisor may,—
a: on notice, require production of, or access to, all records, documents, or information relevant to its supervision and monitoring of reporting entities for compliance with this Act; and
b: conduct on-site inspections in accordance with section 133
c: provide guidance to the reporting entities it supervises by—
i: producing guidelines; and
ii: preparing codes of practice in accordance with section 63
iii: providing feedback on reporting entities' compliance with obligations under this Act and regulations; and
iv: undertaking any other activities necessary for assisting reporting entities to understand their obligations under this Act and regulations, including how best to achieve compliance with those obligations; and
d: co-operate and share information in accordance with sections 46 48 137 to 140
e: in accordance with this Act and any other enactment, initiate and act on requests from any overseas counterparts; and
f: approve the formation of, and addition of members to, designated business groups.
3: An AML/CFT supervisor may only use the powers conferred on it under this Act and regulations for the purposes of this Act.
4: Nothing in this section requires any person to disclose any privileged communication. Section 132(1) amended 11 August 2017 section 47(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 132(4) inserted 11 August 2017 section 47(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
133: Matters relating to conduct of on-site inspections
1: An AML/CFT supervisor may, at any reasonable time, enter and remain at any place (other than a dwellinghouse or a marae) for the purpose of conducting an on-site inspection of a reporting entity.
2: During an inspection, an AML/CFT supervisor may require any employee, officer, or agent of the reporting entity to answer questions relating to its records and documents and to provide any other information that the AML/CFT supervisor may reasonably require for the purpose of the inspection.
3: A person is not required to answer a question asked by an AML/CFT supervisor under this section if the answer would or could incriminate the person.
4: Before an AML/CFT supervisor requires a person to answer a question, the person must be informed of the right specified in subsection (3).
5: Nothing in this section requires any person section 42 Section 133(5) amended 11 August 2017 section 48 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
134: Delegation of supervisory function and powers
1: An AML/CFT supervisor may delegate the following function and powers to a person who, by reason of his or her training or experience, is suitably qualified to perform that function and exercise those powers:
a: its function under section 131(d)
b: its powers under section 132(2)(a) and (b) section 131(d)
2: A delegation under subsection (1)—
a: must be made by the chief executive of the AML/CFT supervisor in writing; and
b: may be made subject to any restrictions and conditions that the AML/CFT supervisor thinks fit; and
c: may be revoked at any time by written notice to the delegate.
3: A person to whom a function or power of the AML/CFT supervisor is delegated under this section—
a: may, unless the delegation provides otherwise, perform the function or exercise the power in the same manner, and with the same effect, as if the delegate were the AML/CFT supervisor; and
b: must disclose to the AML/CFT supervisor and manage appropriately any conflict of interest that might arise in relation to the performance of the function or exercise of the power; and
c: must not disclose any information obtained under subsection (1) other than to the AML/CFT supervisor. Section 134(1)(b) amended 5 December 2013 section 10 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2013
135: Authority to act as delegate
1: The chief executive of the AML/CFT supervisor must issue a written authorisation to every person to whom a delegation is made under section 134
a: the name of the authorised person; and
b: the function that he or she is authorised to perform; and
c: the powers that he or she may exercise.
2: The delegate, when acting in the capacity of a delegate of the AML/CFT supervisor,—
a: must carry on him or her—
i: the written authorisation provided under subsection (1); and
ii: evidence of his or her identity; and
b: must produce the written authorisation and evidence referred to in paragraph (a), if requested to do so by a reporting entity that is subject to the delegated function or powers being performed or exercised by the delegate.
3: The delegate must return the written authorisation to the AML/CFT supervisor as soon as his or her delegation is revoked.
136: Effect of delegation
1: No delegation under section 134
a: affects or prevents the performance of any function or the exercise of any power by the AML/CFT supervisor; or
b: affects the responsibility of the AML/CFT supervisor for the performance of its functions and the exercise of its powers.
2: Every person to whom a function or power is delegated under section 134 Use and disclosure of information
137: Power to use information obtained as AML/CFT supervisor in other capacity and vice versa
1: This section applies to information other than personal information.
2: The Reserve Bank may use any information obtained or held by it in the exercise of its powers or the performance of its functions and duties under the Reserve Bank of New Zealand Act 2021 Banking (Prudential Supervision) Act 1989 , the Insurance (Prudential Supervision) Act 2010 the Financial Market Infrastructures Act 2021 Non-bank Deposit Takers Act 2013
3: The Reserve Bank may use any information obtained or held by it in the exercise of its powers or the performance of its functions and duties under this Act as an AML/CFT supervisor for the purpose of exercising its powers or performing its functions and duties under the Reserve Bank of New Zealand Act 2021 Banking (Prudential Supervision) Act 1989 , the Insurance (Prudential Supervision) Act 2010 the Financial Market Infrastructures Act 2021 Non-bank Deposit Takers Act 2013
4: The Financial Markets Authority may use any information obtained or held by it in the exercise of its powers or the performance of its functions and duties under the Financial Markets Authority Act 2011 , the Financial Market Infrastructures Act 2021 and the Financial Markets Conduct Act 2013
5: The Financial Markets Authority may use any information obtained or held by it in the exercise of its powers or the performance of its functions and duties under this Act as an AML/CFT supervisor for the purpose of exercising its powers or performing its functions and duties under the Financial Markets Authority Act 2011 , the Financial Market Infrastructures Act 2021 and the Financial Markets Conduct Act 2013
6: The Department of Internal Affairs may use any information obtained or held by it in the exercise of its powers or the performance of its functions and duties under the Gambling Act 2003 , the Racing Industry Act 2020 Charities Act 2005
7: The Department of Internal Affairs may use any information obtained or held by it in the exercise of its powers or the performance of its functions and duties under this Act as an AML/CFT supervisor for the purpose of exercising its powers or performing its functions and duties under the Gambling Act 2003 , the Racing Industry Act 2020 Charities Act 2005 Section 137(2) amended 1 July 2022 section 300(1) Reserve Bank of New Zealand Act 2021 Section 137(2) amended 11 May 2021 section 162 Financial Market Infrastructures Act 2021 Section 137(2) amended 11 August 2017 section 49(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 137(3) amended 1 July 2022 section 300(1) Reserve Bank of New Zealand Act 2021 Section 137(3) amended 11 May 2021 section 162 Financial Market Infrastructures Act 2021 Section 137(3) amended 11 August 2017 section 49(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 137(4) substituted 1 May 2011 section 82 Financial Markets Authority Act 2011 Section 137(4) amended 11 May 2021 section 162 Financial Market Infrastructures Act 2021 Section 137(4) amended 15 March 2021 section 98 Financial Services Legislation Amendment Act 2019 Section 137(4) amended 1 December 2014 section 150 Financial Markets (Repeals and Amendments) Act 2013 Section 137(5) substituted 1 May 2011 section 82 Financial Markets Authority Act 2011 Section 137(5) amended 11 May 2021 section 162 Financial Market Infrastructures Act 2021 Section 137(5) amended 15 March 2021 section 98 Financial Services Legislation Amendment Act 2019 Section 137(5) amended 1 December 2014 section 150 Financial Markets (Repeals and Amendments) Act 2013 Section 137(6) amended 1 August 2020 section 129 Racing Industry Act 2020 Section 137(6) amended 11 August 2017 section 49(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 137(7) amended 1 August 2020 section 129 Racing Industry Act 2020 Section 137(7) amended 11 August 2017 section 49(4) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
138: Restriction on power to use information under section 137
An AML/CFT supervisor may only use information obtained under section 137
139: Power to disclose information
1: The Commissioner, the New Zealand Customs Service, or an AML/CFT supervisor may disclose any information (that is not personal information) supplied or obtained by it in the exercise of its powers or the performance of its functions and duties under this Act to any government agency or any regulator or regulator
2: If not authorised under any other provision of this Act, disclosure of any information between a government agency, a regulator, the Commissioner, the New Zealand Customs Service, an AML/CFT supervisor, or reporting entities, or to or from any of those parties, may be made for law enforcement purposes in accordance with regulations made under section 139A
3: Nothing in this section limits the Privacy Act 2020 Section 139 heading amended 11 August 2017 section 50(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 139(1) amended 11 August 2017 section 50(2)(a) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 139(1) amended 11 August 2017 section 50(2)(b) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 139(2) inserted 11 August 2017 section 50(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 139(3) inserted 11 August 2017 section 50(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 139(3) amended 1 December 2020 section 217 Privacy Act 2020
139A: Regulations relating to information sharing
1: The Governor-General may, by Order in Council made on the recommendation of the Minister, make regulations for the purpose of section 139(2)
a: specifying the type of information that may or may not be disclosed:
b: prescribing the conditions under which the information may be disclosed and the conditions applying to the use of that information (for example, conditions relating to storage, copying, access, and the return of information).
2: Before recommending the making of regulations under this section, the Minister must consult—
a: the agencies and regulators that may be affected by the proposed regulations; and
b: the Privacy Commissioner; and
c: any other person or body that the Minister considers may be affected by the proposed regulations.
3: Regulations under this section are secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 139A inserted 11 August 2017 section 51 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 139A(3) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
140: Power to use and disclose information supplied or obtained under other enactments for AML/CFT purposes
1: A government agency, an AML/CFT supervisor, or a regulator may disclose to another government agency or AML/CFT supervisor any information supplied or obtained under an enactment listed in subsection (2) if the disclosing entity has reasonable grounds to believe that the disclosure of that information is necessary or desirable for the purpose of ensuring compliance with this Act and regulations.
2: The enactments referred to in subsection (1) are—
a: the Charities Act 2005
b: the Companies Act 1993
c: the Criminal Proceeds (Recovery) Act 2009
d: the Customs and Excise Act 2018
e:
f: the Financial Markets Authority Act 2011
g: the Financial Markets Conduct Act 2013
h: Parts 1 to 7
ha: the Financial Service Providers (Registration and Dispute Resolution) Act 2008
i: the Financial Transactions Reporting Act 1996
j: the Gambling Act 2003
k: the Goods and Services Tax Act 1985
l: the Income Tax Act 2007
m: the Insurance (Prudential Supervision) Act 2010
n: the Lawyers and Conveyancers Act 2006
o: the New Zealand Institute of Chartered Accountants Act 1996
p: the Non-bank Deposit Takers Act 2013
pa: the Overseas Investment Act 2005
q: the Proceeds of Crime Act 1991
r: the Racing Industry Act 2020
s: the Real Estate Agents Act 2008
t: the Banking (Prudential Supervision) Act 1989
ta: the Russia Sanctions Act 2022
u: the Secondhand Dealers and Pawnbrokers Act 2004
v: the Tax Administration Act 1994
w: the Terrorism Suppression Act 2002
x: any other Act prescribed by regulations. Section 140(1) replaced 30 November 2022 section 13(1) Statutes Amendment Act 2022 Section 140(2) replaced 11 August 2017 section 52(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 140(2)(c) replaced 1 October 2018 section 443(3) Customs and Excise Act 2018 Section 140(2)(c) amended 30 November 2022 section 13(2) Statutes Amendment Act 2022 Section 140(2)(d) amended 30 November 2022 section 13(3) Statutes Amendment Act 2022 Section 140(2)(e) repealed 15 March 2021 section 98 Financial Services Legislation Amendment Act 2019 Section 140(2)(h) replaced 28 September 2017 section 335 Intelligence and Security Act 2017 Section 140(2)(ha) inserted 24 October 2019 section 5 Statutes Amendment Act 2019 Section 140(2)(pa) inserted 16 June 2020 section 58 Overseas Investment (Urgent Measures) Amendment Act 2020 Section 140(2)(r) amended 1 August 2020 section 129 Racing Industry Act 2020 Section 140(2)(t) amended 1 July 2022 section 300(1) Reserve Bank of New Zealand Act 2021 Section 140(2)(ta) inserted 12 March 2022 section 33(3) Russia Sanctions Act 2022
141: Enforcement officers
1: For the purposes of this Act, an AML/CFT supervisor may appoint any employee as an enforcement officer, on a permanent or temporary basis, to exercise the powers conferred on the AML/CFT supervisor by this Act.
2: An AML/CFT supervisor must issue its enforcement officers with an identity card.
3: An enforcement officer must—
a: carry his or her identity card at all times when acting as an enforcement officer under this Act or regulations; and
b: return his or her identity card to the relevant AML/CFT supervisor immediately upon ceasing to be an enforcement officer. Financial intelligence functions of Commissioner
142: Financial intelligence functions of Commissioner
The financial intelligence functions of the Commissioner are to—
a: receive suspicious activity
b: produce guidance material, including—
i: typologies of money laundering and financing of terrorism transactions:
ii: information for reporting entities on their obligations to report suspicious activities and prescribed transactions, and how to meet those obligations:
c: provide feedback to reporting entities on the quality and timeliness of their suspicious activity
d: enforce requirements to provide suspicious activity
e: analyse suspicious activity
f: access, directly or indirectly, on a timely basis the financial, administrative, and law enforcement information that the Commissioner requires to properly undertake his or her financial intelligence functions, including the analysis of suspicious activity and prescribed transaction reports
g: refer to investigative branches of the New Zealand Police and to other law enforcement agencies any suspicious activity and prescribed transaction reports
h: refer suspicious activity and prescribed transaction reports suspicious activity and prescribed transaction reports
i: receive, analyse, and (if appropriate) refer to law enforcement agencies any cash reports:
j: receive, analyse, and (if appropriate) refer to law enforcement agencies any suspicious property reports:
ja: receive, analyse, and (if appropriate) refer to investigative branches of the New Zealand Police and to other law enforcement agencies, any prescribed transaction reports:
k: produce risk assessments relating to money laundering offences and the financing of terrorism to be used by the Ministry, the Ministry of Justice, AML/CFT supervisors, and the New Zealand Customs Service:
ka: receive and analyse financial intelligence relating to law enforcement purposes from international authorities authorised to perform functions broadly equivalent to the Commissioner’s financial intelligence functions:
kb: co-operate with the Secretary of Foreign Affairs and Trade to implement and enforce the Russia Sanctions Act 2022
l: co-operate with the Ministry, the Ministry of Justice, AML/CFT supervisors, the New Zealand Customs Service, regulators, Section 142(a) amended 11 August 2017 section 53(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 142(b)(ii) replaced 11 August 2017 section 53(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 142(c) amended 11 August 2017 section 53(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 142(d) amended 11 August 2017 section 53(4) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 142(e) amended 11 August 2017 section 53(5) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 142(f) amended 11 August 2017 section 53(6) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 142(f) amended 1 July 2017 section 22(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 142(g) amended 11 August 2017 section 53(7) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 142(g) amended 1 July 2017 section 22(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 142(h) amended 11 August 2017 section 53(8) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 142(h) amended 1 July 2017 section 22(4) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 142(ja) inserted 1 July 2017 section 22(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 142(ka) inserted 11 August 2017 section 53(9) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 142(kb) inserted 12 March 2022 section 33(4) Russia Sanctions Act 2022 Section 142(l) amended 11 August 2017 section 53(10) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
143: Powers relating to financial intelligence functions of Commissioner
1: The Commissioner may—
a: order production of or access to all records, documents, or information from any reporting entity that is relevant to analysing information received by the Commissioner
b: share suspicious activity reports prescribed transaction reports, regulators and
2: Nothing in this section requires any person to disclose any privileged communication. Section 143(1)(a) amended 11 August 2017 section 54(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 143(1)(b) amended 11 August 2017 section 54(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 143(1)(b) amended 11 August 2017 section 54(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 143(1)(b) amended 1 July 2017 section 23(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 143(2) inserted 11 August 2017 section 54(4) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
144: Delegation of powers of Commissioner
1: The Commissioner may from time to time in writing, either generally or particularly, delegate to a constable of a level of position not less than inspector or an equally senior or more senior Police employee section 143(1)(a)
2: Where any constable or Police employee constable or Police employee constable or Police employee
3: A constable or Police employee
a: is, in the absence of proof to the contrary, presumed to do so in accordance with the terms of that delegation; and
b: must produce evidence of his or her authority to do so, if reasonably requested to do so.
4: Every delegation under this section is revocable at will and does not prevent the exercise of any power by the Commissioner. Section 144(1) amended 11 August 2017 section 55 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 144(2) amended 30 November 2022 section 14 Statutes Amendment Act 2022 Section 144(3) amended 30 November 2022 section 14 Statutes Amendment Act 2022
145: Guidelines relating to reporting of suspicious
activities
1: Subject to section 146
a: setting out any features of a transaction or other activity or other activity
i: relevant to the investigation or prosecution of any person for a money laundering offence; or
ii: relevant to the enforcement of the Misuse of Drugs Act 1975
iii: relevant to the enforcement of the Terrorism Suppression Act 2002
iv: relevant to the enforcement of the Proceeds of Crime Act 1991 Criminal Proceeds (Recovery) Act 2009
v: relevant to the investigation or prosecution of an offence section 243(1)
b: setting out any circumstances in which a suspicious activity report relating to such an activity section 41(2)
2: Suspicious transaction or other activity
3: The Commissioner may issue an amendment or revocation of any suspicious transaction or other activity
4: Without limiting subsection (1), suspicious transaction or other activity or other activities 1996 No 9 s 24 Section 145 heading amended 11 August 2017 section 56(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 145(1)(a) amended 11 August 2017 section 56(2)(a) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 145(1)(a) amended 11 August 2017 section 56(2)(b) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 145(1)(a)(v) amended 1 July 2017 section 24 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 145(1)(b) amended 11 August 2017 section 56(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 145(2) amended 11 August 2017 section 56(4) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 145(3) amended 11 August 2017 section 56(5) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 145(4) amended 11 August 2017 section 56(6)(a) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 145(4) amended 11 August 2017 section 56(6)(b) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
146: Consultation on proposed guidelines
1: The Commissioner must, before issuing any suspicious transaction or other activity
a: consult with, and invite representations from, the Privacy Commissioner under the Privacy Act 2020
b: give public notice of the Commissioner's intention to issue the guidelines, which notice must contain a statement—
i: indicating the Commissioner's intention to issue the guidelines; and
ii: inviting reporting entities that are likely to be affected by the proposed guidelines, and industry organisations that are representative of those reporting entities, to express to the Commissioner, within any reasonable period that is specified in the notice, their interest in being consulted in the course of the development of the guidelines; and
c: consult with, and invite representations from, those reporting entities and industry organisations who express such an interest, and must have regard to any such representations.
2: Nothing in subsection (1) prevents the Commissioner from adopting any additional means of publicising the proposal to issue any suspicious transaction or other activity
3: This section applies to any amendment or revocation of any suspicious transaction or other activity 1996 No 9 s 25 Section 146(1) amended 11 August 2017 section 57(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 146(1)(a) amended 1 December 2020 section 217 Privacy Act 2020 Section 146(2) amended 11 August 2017 section 57(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 146(3) amended 11 August 2017 section 57(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
147: Availability of guidelines
On a request by any reporting entity in respect of which any suspicious transaction or other activity
a: make those guidelines, and all amendments to those guidelines, available for inspection by that reporting entity or, as the case requires, that industry organisation at Police National Headquarters; and
b: provide copies of those guidelines, and all amendments to those guidelines, to that reporting entity or, as the case requires, that industry organisation. 1996 No 9 s 26 Section 147 amended 11 August 2017 section 58 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
148: Review of guidelines
1: The Commissioner must review from time to time any suspicious transaction or other activity
2: Sections 145 146 or other activity 1996 No 9 s 27 Section 148(1) amended 11 August 2017 section 59(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 148(2) amended 11 August 2017 section 59(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Co-ordination
149: Role of Ministry
The Ministry, in consultation with other agencies with AML/CFT roles and functions, is responsible for advising on the overall effectiveness and efficiency of the AML/CFT regulatory system, including—
a: advising the Minister on outcomes and objectives for AML/CFT regulation and how best to achieve these (including links to other Government initiatives relevant to the purposes of this Act); and
b: monitoring, evaluating, and advising the Minister on the performance of the AML/CFT regulatory system in achieving the Government’s outcomes and objectives for it; and
c: advising the Minister on any changes necessary to the AML/CFT regulatory system to improve its effectiveness; and
d: administering the relevant AML/CFT legislation.
150: AML/CFT co-ordination committee
1: The chief executive must establish an AML/CFT co-ordination committee consisting of—
a: a representative from the Ministry; and
b: a representative from the New Zealand Customs Service; and
c: every AML/CFT supervisor; and
d: a representative of the Commissioner; and
e: such other persons as are invited from time to time by the chief executive in accordance with subsection (2).
2: Any person invited under subsection (1)(e) must be employed in a government agency.
3: The chair of the AML/CFT co-ordination committee is the chief executive.
151: Role of AML/CFT co-ordination committee
The role of the AML/CFT co-ordination committee is to ensure that the necessary connections between the AML/CFT supervisors, the Commissioner, and other agencies are made in order to ensure the consistent, effective, and efficient operation of the AML/CFT regulatory system.
152: Functions
The functions of the AML/CFT co-ordination committee are to—
a: facilitate necessary information flows between the AML/CFT supervisors, the Commissioner, and other agencies involved in the operation of the AML/CFT regulatory system:
b: facilitate the production and dissemination of information on the risks of money-laundering offences and the financing of terrorism in order to give advice and make decisions on AML/CFT requirements and the risk-based implementation of those requirements:
c: facilitate co-operation amongst AML/CFT supervisors and consultation with other agencies in the development of AML/CFT policies and legislation:
d: facilitate consistent and co-ordinated approaches to the development and dissemination of AML/CFT guidance materials and training initiatives by AML/CFT supervisors and the Commissioner:
e: facilitate good practice and consistent approaches to AML/CFT supervision between the AML/CFT supervisors and the Commissioner:
f: provide a forum for examining any operational or policy issues that have implications for the effectiveness or efficiency of the AML/CFT regulatory system.
2: Miscellaneous provisions
Regulations
153: Regulations
1: The Governor-General may, by Order in Council, make regulations for all or any of the following purposes:
a: prescribing requirements (generic and sector-specific) for standard, simplified, enhanced, and ongoing customer due diligence and any other AML/CFT requirements, including, but not limited to, the following:
i: information to be provided or obtained for the purposes of identification and verification:
ii: the circumstances in which a particular type of customer due diligence must be conducted:
iii: specifying entities or classes of entities, or products, services, or transactions for which a reporting entity may conduct simplified customer due diligence:
iv: the conditions in which third parties may be relied on to conduct customer due diligence:
v: the conditions on which a member of a designated business group may adopt an AML/CFT programme of another member of the group and share and use the policies, controls, and procedures of that programme:
vi: the circumstances in which corporations are deemed to be affiliated:
vii: the factors that a reporting entity must have regard to when assessing risk:
b: prescribing instruments to be bearer-negotiable instruments for the purposes of this Act:
c: prescribing the forms of, and the information to be included in, applications, warrants, reports, and other documents required under this Act:
d: prescribing amounts or thresholds that are required to be prescribed for the purposes of this Act or regulations (and 1 or more amounts or thresholds may be prescribed for the purposes of different provisions of this Act or regulations):
e: prescribing the information to be included in records and the manner in which records are to be kept by reporting entities, or any specified class or classes of reporting entities:
f: prescribing other identifying information that allows a transaction to be traced back to the originator for the purposes of section 27(1)
g: prescribing the manner in which any notice, report, or other document required by this Act is to be given or served:
h: prescribing for the form of a formal warning and the manner in which it must be issued:
i: specifying Acts for which disclosure of personal information may be made by an AML/CFT supervisor for the purposes of the detection, investigation, and prosecution of offences under the specified Act:
j: providing for any other matters contemplated by this Act or necessary for its administration or necessary for giving it full effect.
2: Regulations under this section are secondary legislation ( see Part 3 1996 No 9 s 56 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 153(1)(d) replaced 11 August 2017 section 60 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 153(2) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
154: Regulations relating to application of Act
1: The Governor-General may, by Order in Council on the recommendation of the Minister, make regulations for the following purposes:
a: exempting or providing for the exemption of any transaction, product, or service or class of transactions, products, or services from all or any of the provisions of this Act:
ab: exempting or providing for the exemption of any financial activity or class of financial activities described in the definition of financial institution in section 5
ac: declaring an entity or a class of entities to be an approved entity or approved class of entities for the purposes of section 33(3A)
b: excluding certain relationships or banking services from the application of section 29
c: exempting a reporting entity from its obligation to obtain some or all of the information set out in section 27(1)
ca: exempting a reporting entity or a class of reporting entity from the obligation to report under section 48A
d: exempting certain movements of cash from the application of subpart 6
e: prescribing threshold values for the purposes of sections 68 69
f: declaring an account or arrangement to be, or not to be, a facility and the circumstances and conditions in which an account or arrangement is to be, or not to be, a facility for the purposes of this Act:
g: declaring a person or class of persons to be, or not to be, a reporting entity and the circumstances and conditions in which a person or class of persons is to be, or not to be, a reporting entity for the purposes of this Act:
ga: declaring an activity or a class of activities to be, or not to be, an occasional activity and the circumstances and conditions in which an activity or a class of activities is to be, or not to be, an occasional activity for the purposes of the Act:
h: declaring a transaction or class of transactions to be, or not to be, an occasional transaction and the circumstances and conditions in which a transaction or class of transactions is to be, or not to be, an occasional transaction for the purposes of this Act:
ha: declaring an activity or a class of activities to be, or not to be, an occasional activity for the purposes of this Act:
i: declaring a transfer or transaction or a class of transfers or transactions not to be a wire transfer and the circumstances and conditions in which a transfer or transaction or class of transfers or transactions is not a wire transfer for the purposes of this Act:
j: declaring a person or class of persons to be, or not to be, a customer and the circumstances and conditions in which a person or class of persons is to be, or not to be, a customer for the purposes of this Act:
k: declaring an entity or class of entities (whether domestic or overseas) to be eligible for inclusion in a
l: declaring a person or class of persons to be, or not to be, a financial institution for the purposes of this Act.
2: The Minister must, before making any recommendation, have regard to—
a: the purposes of this Act
b: the risk of money laundering and the financing of terrorism; and
c: the impact on the prevention, detection, investigation, and prosecution of offences; and
d: the level of regulatory burden on a reporting entity; and
e: whether the making of the regulation would create an unfair advantage for a reporting entity or would disadvantage other reporting entities; and
f: the overall impact that making the regulation would have on the integrity of, and compliance with, the AML/CFT regulatory regime.
3: The Minister must also, before making any recommendation,—
a: do everything reasonably possible on the Minister's part to advise all persons who in the Minister's opinion will be affected by any regulations made in accordance with the recommendation, or representatives of those persons, of the proposed terms of the recommendation and of the reasons for it; and
b: give such persons or their representatives a reasonable opportunity to consider the recommendation and to make submissions on it to the Minister, and the Minister must consider those submissions; and
c:
d: make copies of the recommendation available for inspection by any person who so requests before any regulations are made in accordance with the recommendation.
4: Failure to comply with subsection (3) does not affect the validity of any regulations made under this section.
5: Regulations under this section are secondary legislation ( see Part 3
5: 2018-06-30 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2013 Any regulation made under section 154 expires on the day that is 5 years after the date on which regulation come into force. 2019-12-02 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2014 Any regulation made under section 154(5) expires on the day that is 5 years after the date on which regulation come into force. 2020-10-16 Anti-Money Laundering and Countering Financing of Terrorism (Cross-border Transportation of Cash) Amendment Regulations 2015 Any regulation made under section 154 expires on the day that is 5 years after the date on which regulation come into force. 2022-11-01 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2016 Any regulation made under section 154 expires on the day that is 5 years after the date on which regulation come into force. The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 154(1)(ab) inserted 11 August 2017 section 61(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 154(1)(ac) inserted 11 August 2017 section 61(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 154(1)(ca) inserted 1 July 2017 section 25 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 Section 154(1)(ga) inserted 11 August 2017 section 68 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 154(1)(ha) inserted 11 August 2017 section 61(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 154(1)(k) amended 12 December 2012 section 8 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2012 Section 154(2)(a) amended 11 August 2017 section 61(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 154(3)(c) repealed 11 August 2017 section 61(4) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 154(5) inserted 28 October 2021 section 3 Secondary Legislation Act 2021 Section 154(5) repealed 11 August 2017 section 61(4) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
155: Regulations relating to countermeasures
1: The Governor-General may, by Order in Council made on the recommendation of the Minister, make regulations for, or in relation to, prohibiting or regulating the entering into of transactions or business relationships between a reporting entity and any other person.
2: Regulations made for the purposes of subsection (1)—
a: may be of general application; or
b: may be limited by reference to any or all of the following:
i: a specified transaction:
ii: a specified party:
iii: a specified overseas country.
3: The Governor-General may, by Order in Council, declare a country outside New Zealand to be a prescribed overseas country for the purposes of this section.
4: Any regulations made under subsection (1) expire on the day that is 5 years after the date on which regulations come into force.
5: The following are secondary legislation ( see Part 3
a: regulations under subsection (1):
b: an order under subsection (3). Anti-Money Laundering and Counter-Terrorism Financing Act 2006 s 102 (Aust) The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 155(5) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
156: Consultation not required for consolidation of certain regulations and minor amendments
The Minister is not required to comply with section 154(3)
a: revoke any regulations made under section 154
b: make minor amendments to regulations. 1996 No 9 s 56A Review provision Heading inserted 11 August 2017 section 62 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
156A: Review of operation of Act
1: The Minister of Justice must, not later than 1 July 2021, refer to the Ministry of Justice for consideration the following matters:
a: the operation of the provisions of this Act since the commencement of this section; and
b: whether any amendments to this Act are necessary or desirable.
2: The Ministry must report on those matters to the Minister of Justice within 1 year of the date on which the reference occurs.
3: The Minister of Justice must present a copy of the report provided under this section to the House of Representatives as soon as practicable after receiving it. Section 156A inserted 11 August 2017 section 62 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Ministerial exemptions
157: Minister may grant exemptions
1: The Minister may exempt either or both
a: a reporting entity or class of reporting entities:
b: a transaction or class of transactions.
1A: The Minister may grant an exemption—
a: to an individual reporting entity on application by that entity in a manner and form approved by the chief executive (if any):
b: to a class of reporting entities on the Minister’s own motion or on application by 1 or more reporting entities made in a manner or form approved by the chief executive (if any).
2: The Minister may grant the exemption—
a: unconditionally; or
b: subject to any conditions the Minister thinks fit.
3: Before deciding to grant an exemption and whether to attach any conditions to the exemption, the Minister must have regard to the following:
a:
b: the intent and purpose of this Act and any regulations:
c: the risk of money laundering and the financing of terrorism associated with the reporting entity, including, where appropriate, the products and services offered by the reporting entity and the circumstances in which the products and services are provided:
d: the impacts on prevention, detection, investigation, and prosecution of offences:
e: the level of regulatory burden to which the reporting entity would be subjected in the absence of an exemption:
f: whether the exemption would create an unfair advantage for the reporting entity or disadvantage third party reporting entities:
g: the overall impact that the exemption would have on the integrity of, and compliance with, the AML/CFT regulatory regime.
4: An exemption under this section is secondary legislation ( see Part 3
5:
6:
7: The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section that is of general application and applies to a class of reporting entities or transactions, but does not include an exemption granted in relation to a particular reporting entity or transaction. Legislation Act 2019 requirements for secondary legislation made under this section that is of general application and applies to a class of reporting entities or transactions, but does not include an exemption granted in relation to a particular reporting entity or transaction Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for all other secondary legislation made under this section. Legislation Act 2019 requirements for all other secondary legislation made under this section Publication The maker must: LA19 ss 73 74(1)(a) cl 14 •	notify it in the Gazette •	publish it on a website maintained by, or on behalf of, the chief executive •	make it available in printed form for purchase on request by members of the public Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 157(1) amended 11 August 2017 section 63(1) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 157(1)(a) amended 11 August 2017 section 63(2) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 157(1A) inserted 11 August 2017 section 63(3) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 157(3)(a) repealed 11 August 2017 section 63(4) Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Section 157(4) replaced 28 October 2021 section 3 Secondary Legislation Act 2021 Section 157(5) repealed 28 October 2021 section 3 Secondary Legislation Act 2021 Section 157(6) repealed 28 October 2021 section 3 Secondary Legislation Act 2021 Section 157(7) repealed 28 October 2021 regulation 83 Legislation Act (Amendments to Legislation) Regulations 2021
158: Minister must consult before granting exemption
Before granting an exemption under section 157
a: the Ministers responsible for the AML/CFT supervisors; and
b: any other persons the Minister considers appropriate having regard to those matters listed in section 157(3)
159: Requirements relating to exemptions
1: The exemption must include an explanation of the reason for granting the exemption.
2: The exemption—
a: must be granted for a period specified by the Minister but that period must not be more than 5 years; and
b: may, at any time, be varied or revoked by the Minister.
3: Section 159(3) repealed 5 August 2013 section 77(3) Legislation Act 2012 Resolution of disputes about privilege Heading inserted 11 August 2017 section 64 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
159A: Procedure for testing assertions that document privileged
1: If any person refuses to disclose any information or document on the grounds that it is a privileged communication and that section 132(4) 133(5) 143(3)
2: For the purposes of determining that application, the District Court Judge may require the information or document to be produced to the District Court Judge. Section 159A inserted 11 August 2017 section 64 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Transitional and savings provisions Heading repealed 11 August 2017 section 65 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
160: Transitional and savings provisions
Section 160 repealed 11 August 2017 section 65 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 Consequential amendments, repeals, and revocation
161: Amendments to other enactments
1: The enactment specified in Part 1 2009-10-17 Financial Transactions Reporting Act 1996
2: The enactments specified in Part 2 2009-10-17 Crimes Act 1961 Criminal Proceeds (Recovery) Act 2009 Customs and Excise Act 1996 Financial Transactions Reporting Act 1996 Misuse of Drugs Act 1975 Mutual Assistance in Criminal Matters Act 1992 Reserve Bank of New Zealand Act 1989 Terrorism Suppression Act 2002
3: The regulations specified in Part 3 2009-10-17 Financial Transactions Reporting (Interpretation) Regulations 1997
162: Amendment to Financial Transactions Reporting Act 1996 consequential on bringing into force of Part 2
OIC (SR 2011/221) 2013-06-30 Financial Transactions Reporting Act 1996 Brought into force immediately after rest of Act commenced by cl 2(2). Section 162 repealed 11 August 2017 section 66 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017
163: Amendment to Financial Transactions Reporting Act 1996 relating to cross-border transportation of cash
2010-10-16 Financial Transactions Reporting Act 1996 Section 163 repealed 11 August 2017 section 66 Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017