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

2. 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...

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

3. 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...

4. Cost Benefit Analysis: AML Phase 2 [pdf, 105 KB]

   1 | CBAx, AML Phase II, Ministry of Justice, February 2017 Cost Benefit Analysis: AML Phase 2 Section A Descriptive Information Problem Definition The Phase I anti-money laundering regime came into force in 2013, which covered banks, insurance companies, financial services (e.g. investment advisers), money remitters and casinos. There is now a proposal to extend the scope AML legislation to cover additional sectors, to bring NZ in line with its FATF obligations. The Phase II se...

5. AML phase II - Business compliance impacts [pdf, 491 KB]

   ...report should be read in conjunction with the disclaimers set out in the report, and, where applicable, the Statement of Responsibility. / Ministry of Justice | Introduction 1 1. Introduction 1.1. Background and context New Zealand’s AML/CFT regime is part of a suite of initiatives directed at combating transnational and organised crime. The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act), which came into force on 30 June 2013, implemented P...

6. Exposure draft AML/CFT amendment bill [pdf, 270 KB]

   ...New section 49A inserted (Obligation to keep reports of suspicious activities) 21 49A Obligation to keep reports of suspicious activities 21 18 Section 51 amended (Obligation to keep other records) 21 19 Section 57 amended (Minimum requirements for AML/CFT programmes) 22 20 Section 59 replaced (Review and audit of risk assessment and AML/CFT programme) 22 59 Review and audit of risk assessment and AML/CFT programme 22 59A Audit of compliance with AML/CFT obligations 22 59B Who carries o...

7. 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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   1. Justice sector & policy >
   2. Key initiatives >
   3. Tackling money laundering and terrorist financing

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

   AML / CFT Anti-money laundering and countering financing of terrorism AML/CFT Programme Guideline 2 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 A

9. AML phase II - Draft cost benefit analysis [pdf, 296 KB]

   1 | CBAx, AML Phase II, Ministry of Justice, October 2016 Draft Cost Benefit Analysis: AML Phase II Section A Descriptive Information Problem Definition The Phase I anti-money laundering regime came into force in 2013, which covered banks, insurance companies, financial services (e.g. investment advisers), money remitters and casinos. There is now a proposal to extend the scope AML legislation to cover additional sectors, to bring NZ in line with its FATF obligations. The...

10. 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