AML/CFT

About AML/CFT

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.  

Who needs to comply

The Act describes those who need to comply as ‘reporting entities’. Reporting entities covered by the Act are described in

• Section 5 of the Act, and
• the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011.
• AML/CFT Phase 2 Regulations, which outline how various AML/CFT measures will work in practice, were approved in December 2017 and published in the Gazette on 21 December 2017.

The businesses we supervise

Designated business groups (DBGs)

Reporting entities 

Your obligations

If you are a reporting entity and not subject to an exemption, there are obligations you must comply with.

Prescribed Transactions Reporting (PTR) 

The regulations come into force on 1 November 2017 and the FIU will accept PTRs from this date.  Find out here if you need to file one.

Resources

See all AML/CFT information sheets, guides and reports.

Annual reports

All reporting entities are required to prepare an annual report on their risk assessment and AML/CFT programme.  

Independent audits

Reporting entities must have their risk assessment and AML/CFT programme audited every two years or whenever their supervisor requests it.   

Exemptions

The Minister of Justice may grant a range of exemptions to all or any of the Act’s requirements. 

FAQs

Got a question? See answers to questions we receive often.