AML/CFT Regulations RIS [pdf, 2.6 MB]
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The Minister of Justice can decide to grant an exemption from coverage by the AML/CFT Act under certain circumstances. For example, if a business faces low money laundering risks it may not be required to meet some or all of the usual requirements. A business that believes it may be exempt will need to make an application for an exemption. Exemptions can be given to specific businesses or types of businesses, and for specific activities and types of activities. Before applying, you should check...
...of 18 months. However, certain elements of the managing intermediaries exemptions will be retained for only 6 months. This is explained below. This 18 month period will align considerations of the class exemptions with the timing of wider work on the AML/CFT regime. This period will also allow time for the Ministry to conduct a full review of the class exemptions, with regard to the criteria outlined in section 157(3) of the Act. The full review of the class exemptions is already underway. The...
...and professions will have to put measures in place to help tackle money laundering. There will be compliance costs but also widespread benefits for the New Zealand economy and society. The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Act has extended AML/CFT laws to more businesses including real estate agents and conveyancers; many lawyers and accountants; some high value dealers; and betting on sports and racing. In essence, businesses and professionals cove...
New Zealand has progressively implemented a system to tackle money laundering and the financing of terrorism (AML/CFT). On this page you can find information about New Zealand’s work to address the risks of AML/CFT. In 1991, New Zealand became an active member of the Financial Action Task Force (FATF). Hosted by the OECD in Paris, FATF has established a set of internationally accepted standards for anti-money laundering and, following the September 2001 terrorist attacks on the United States,...
The Government has introduced changes to regulations in the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act), following a Ministry of Justice-led review held between July 2021 and 30 June 2022. Background The review was tabled in Parliament on 7 November 2022 and you can find it here: Read the final report of the statutory review The review focused on how the AML/CFT Act has performed since 2017 as well as whether any changes were necessary or desirable. The review a...
...rejected. If it is, you may resubmit an application with more detail. However, you'll have to wait longer for a decision, so try to ensure you provide all the necessary information first time round. While preparing your application, you should consider the AML/CFT Act and information provided by government agencies about the risks your sector faces. Material about sector risks is available from the government agency that supervises your sector. For information about the supervisors, see AML/CF...