The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act) and its regulations place obligations on New Zealand’s financial institutions to detect and deter money laundering and terrorism financing.
Money laundering is how criminals disguise the illegal source of their money. Financers of terrorism use similar techniques to avoid detection and protect the identity of those providing and receiving the funds. The FMA is one of three supervisors under the Act, along with the Reserve Bank of New Zealand and the Department of Internal Affairs.
The Act describes those who need to comply as ‘reporting entities’. Reporting entities covered by the Act are described in
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