The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the AML/CFT Act) and its regulations place obligations on New Zealand’s financial institutions to detect and deter money laundering and terrorism financing.
It facilitates co-operation amongst reporting entities, supervisors, and other government agencies, in particular, law enforcement and regulatory agencies.
Who supervises AML/CFT
The FMA supervises designated business groups (DBGs) and reporting entities listed in Section 130 of the AML/CFT Act.
The Reserve Bank supervises banks, life insurers, and non-bank deposit takers.
The Department of Internal Affairs covers casinos, non-deposit-taking lenders, money changers and reporting entities not covered by the other supervisors.
The three AML/CFT supervisors actively co-operate with each other and with the New Zealand Police’s Financial Intelligence Unit (FIU). FIU also publish guidance information for reporting entities on their obligations to report suspicious activities and prescribed transactions, and how to meet those obligations. To submit a suspicious activity report or a prescribed transaction report please refer to - goAML.
Who needs to comply
The reporting entities supervised by the FMA are listed in Section 130 of the AML/CFT Act. They include:
- issuers of securities
- licensed supervisors
- derivatives issuers and dealers
- DIMS providers
- fund managers
- client money or property service providers
- financial advice providers
- equity crowdfunding platforms
- peer-to-peer lenders.
The Minister of Justice may grant a range of exemptions to all or any of the AML/CFT Act’s requirements.
Your obligations
The AML/CFT Act imposes several obligations as below:
