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Accountants and AML/CFT

Accountants 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 accountants understand the risks they face and build their compliance programmes, helpful guidance is available on the Department of Internal Affairs website. See the Codes of practice and guidance and the sector risk assessment (SRA) on its w...
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Lawyers and AML/CFT

Lawyers 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 lawyers understand the risks they face and build their compliance programmes, helpful guidance is available on the Department of Internal Affairs website. See the Codes of practice and guidance and the sector risk assessment. On this page: Do I have to com...
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Conveyancers and AML/CFT

Conveyancers are at risk of being exploited by criminals to launder money. They’re among several professions whose members are affected by changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. To help conveyancers understand the risks they face and build their compliance programmes, helpful guidance is available on the Department of Internal Affairs website. See the Codes of practice and guidance and the sector risk assessment. On this page: Do I have...
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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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Development of the AML/CFT Amendment Act 2017

The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Bill was passed in August 2017, establishing "Phase 2" of New Zealand's AML/CFT laws. Read the AML/CFT Amendment Act 2017 Information about the Bill’s progress through Parliament Development of the Phase 2 laws involved 2 rounds of public consultation. Phase 2 AML/CFT exposure draft amendment Bill Tackling money laundering and terrorist financing Independent studies, including cost/benefit analysis, were also c...
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Phase 1 of the AML/CFT Act

Phase 1 of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act has been in force since 2013. It applies to banks, casinos and a range of financial service providers. See how recent changes to the AML/CFT Act affect "Phase 1" businesses Three government agencies are responsible for supervising the various businesses and industries the Act applies to: the Reserve Bank, supervises banks, life insurers and non-bank deposit takers the Financial Markets Authority, supervises...
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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 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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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...
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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?...
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