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AML/CFT ministerial exemptions

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...
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Costs and benefits of AML/CFT laws

...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...
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Development of the AML/CFT Act and Regulations

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,...
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Changes to AML/CFT Act regulations

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...
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AML/CFT Class Exemptions Update

...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...
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How to apply for an AML/CFT ministerial exemption

...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...
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Renewal of the AML/CFT (Class Exemptions) Notice 2018

...extension The Minister of Justice has granted a short-term extension to exemptions for reporting entities with respect to licensed managing intermediaries (LMI) customers under Part 5 and specified managing intermediaries (SMI) customers under Part 6 of the AML/CFT (Class Exemptions) Notice 2023 (the Notice) in June 2023. The short-term extension meant these exemptions were expiring on 31 December 2023. It was understood these exemptions were no longer required because of the amended definition...
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Exposure draft AML/CFT amendment bill [pdf, 270 KB]

Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill Government Bill Explanatory note General policy statement Departmental disclosure statement The [name of department] is required to prepare a disclosure statement to assist with the scrutiny of this Bill. The disclosure statement provides access to information about the policy development of the Bill and identifies any significant or unusual legislative features of the Bill. A copy of the statement can be found at [P...
RIA: AML/CFT Expiring Regulations [pdf, 422 KB]

Impact Statement Template | 1 Coversheet: AML/CFT Expiring Regulations Advising agencies Ministry of Justice Decision sought This analysis has been prepared to inform Cabinet decisions regarding new Anti-money Laundering and Countering Financing of Terrorism (AML/CFT) regulations and substantial policy changes to the existing AML/CFT regulations Proposing Ministers Minister of Justice Summary: Problem and Proposed Approach Problem Definition What problem or op...
AML/CFT Phase 2 costs and benefits reports

...benefits outweigh the costs, especially when broader strategic benefits are included. It’s estimated the cost to business sectors could be in the order of $0.8 to $1.1 billion over 10 years. In terms of benefits, the analysis estimated that Phase 2 of the AML/CFT reforms will disrupt about $1.7 billion of illegal drugs and fraud crime over a 10 year period, This is reflected in the benefit cost ratio (BCR) figures of just over 1 (that is, a BCR of 1 means for each dollar spent, there‘s a do...
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