New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) system is intended to adapt as money laundering and terrorism financing risks evolve. Two regulations, that are a key part of the AML/CFT system, were due to expire. These are the AML/CFT (Exemptions) Regulations 2011 which were scheduled to expire on 30 June 2020, and the AML/CFT (Definitions) Regulations 2011 which partially expire on 27 July 2021.
This document sets out the changes and updates made for these regulations. These changes come into force on 9 July 2021.
New obligations apply to nominee directors and nominee general partners when conducting customer due diligence. These obligations come into force on 9 July 2021. However, in recognition that reporting entities will need to amend their processes and procedures (and potentially systems), a transitonal compliance period will apply until 29 April 2022.