Search Results

1. Sports and racing betting and AML/CFT

   Betting services are at risk of being exploited by criminals to launder money. The New Zealand Racing Board is among organisations that will be affected by changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. To help sports and betting services understand the risks they face, the Department of Internal Affairs has just released a sector risk assessment (SRA) on its website. On this page: What gambling services have to comply with the Act?...

   Located in:

   1. Justice sector & policy >
   2. Key initiatives >
   3. Tackling money laundering and terrorist financing >
   4. Information for businesses

2. Real estate agents and AML/CFT

   Real estate agents are at risk of being exploited by criminals to launder money. They’re among several professions whose members may be affected by changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. To help real estate agents understand the risks they face, the Department of Internal Affairs has just released a sector risk assessment (SRA) on its website. On this page: Do I have to comply with the AML/CFT Act? When do I need...

   Located in:

   1. Justice sector & policy >
   2. Key initiatives >
   3. Tackling money laundering and terrorist financing >
   4. Information for businesses

3. AML/CFT supervision and support for businesses

   ...what’s required. On this page: Which agency will supervise my business when Phase 2 of the Act comes into effect? Why is supervision required? What will my supervisor do? How will I have to work with the supervisor? What happens if I don’t meet my AML/CFT obligations? Where can I find Point of Sale (POS) resources about AML/CFT? Under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act, three government agencies act as supervisors to support and oversee the busin...

   Located in:

   1. Justice sector & policy >
   2. Key initiatives >
   3. Tackling money laundering and terrorist financing >
   4. Information for businesses

4. 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...

   Located in:

   1. About >
   2. News & media >
   3. News

5. Guideline to help reporting entities to develop their AML/CFT programme. [pdf, 130 KB]

   ...What is this guideline for? 1. This guideline is designed to help reporting entities develop their AML/CFT programme. 2. If you are a reporting entity as defined in section 5 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the AML/CFT Act)1 3. This guideline is provided for information only and cannot be relied on as evidence of complying with the requirements of the AML/CFT Act. It does not constitute legal advice from any of the AML/CFT supervisors...

6. 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...

   Located in:

   1. Justice sector & policy >
   2. Key initiatives >
   3. Tackling money laundering and terrorist financing >
   4. Information for businesses >
   5. AML/CFT ministerial exemptions

7. AML/CFT Statutory Review - summary of submissions [pdf, 1.2 MB]

   Review of the AML/CFT Act Summary of submissions Ministry of Justice March 2022 Important notice The opinions contained in this document are those of the Ministry of Justice and do not reflect official government policy. Readers are advised to seek specific legal advice from a qualified professional person before undertaking any action in reliance on the contents of this publication. The contents of this discussion document must not be constr...

8. Consultation Document AML/CFT Early Regulatory Package Exposure Draft [pdf, 494 KB]

   AML/CFT ‘Early’ Regulatory Package Exposure Draft of the regulations February 2023 AML/CFT ‘Early’ Regulatory Package: Exposure Draft February 2023 Overview The Ministry of Justice has concluded its statutory review of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 and broadly found that the Act provides a sound regulatory regime that provides the basis to detect and deter money laundering and terrorism financin...

9. Businesses trading in high value goods and AML/CFT

   Dealers of expensive goods are at risk of being exploited by criminals to launder money. They’re among a range of businesses whose members may be affected by changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. On this page: Do I have to comply with the Act? When do I need to start complying? Why are high value dealers who deal in large amounts of cash covered by the Act? What do I have to do? What can I do to reduce my compliance costs? What help will be...

   Located in:

   1. Justice sector & policy >
   2. Key initiatives >
   3. Tackling money laundering and terrorist financing >
   4. Information for businesses

10. 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...

    Located in:

    1. Justice sector & policy >
    2. Key initiatives >
    3. Tackling money laundering and terrorist financing >
    4. Information for businesses >
    5. AML/CFT ministerial exemptions