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1. Summary report on workshop feedback on ways to reduce cost compliance [pdf, 7.9 MB]

   ...Prepared for: Ministry of Justice February 3, 2017 2 Contents Why we ran the workshops 3 Mixed opinion on when and who does customer due diligence (CDD) in the real estate transaction process 4 The language in the AML/CFT Act needs to be consistent with other Acts 4 Real estate agents rarely receive large cash deposits 4 Participants noted duplication of CDD in the transaction process 4 Real estate agents are concerned customers will go to other agent...

2. 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...

3. AMLCFT Statutory Review Summary Document [pdf, 301 KB]

   ` Review of the AML/CFT Act Summary Document Ministry of Justice October 2021 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 construed as legal advice. The...

4. 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 >
   4. Development of the AML/CFT Act and Regulations

5. Proactive release – Anti-Money Laundering and Countering Financing of Terrorism (Prescribed Transactions Reporting) Amendment Regulations 2022 [pdf, 408 KB]

   ...Transactions Reporting) Amendment Regulations 2022 (Amendment Regulations) to be made under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Background 2 The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime is a risk-based system that detects and deters money laundering and terrorism financing and implements relevant international obligations. There are currently six AML/CFT instruments containing regulations that implement the deta...

6. 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...

   Located in:

   1. Justice sector & policy >
   2. Key initiatives >
   3. Tackling money laundering and terrorist financing >
   4. Development of the AML/CFT Act and Regulations

7. AML/CFT Statutory Review - summary of form submissions [pdf, 820 KB]

   Page 1 AML/CFT Act review: Summary report This report was created on Saturday 04 December 2021 at 13:03 and includes 59 responses. The activity ran from 06/10/2021 to 03/12/2021. Contents Question 1: What age group are you in? 24 Age 24 Question 2: What is your ethnicity? (You can select more than one.) 24 Ethnicity 24 Please specify 24 Ethnicity 25 Please specify 25 Ethnicity 25 Please specify 25 Ethnicity 25 Please specify 25 Question 3: If you're responding on behalf of...

8. Russell Investment Group Limited [pdf, 82 KB]

   ...notice on 6 April 2020 that he has granted the following exemption from the Act: Ministerial Exemption: Russell Investment Group Limited Exempting Russell Investment Group Limited (RIGL) from the requirement in section 56(2) of the Act that the AML/CFT compliance officer for a reporting entity must be one of its employees. The exemption is made to allow an Australian-based compliance officer who is not an employee of RIGL to be its AML/CFT compliance officer. In this exemption, un...

9. JPMorgan Chase Bank N.A. New Zealand Branch [pdf, 73 KB]

   ...exemption: JPMorgan Chase Bank, N.A (New Zealand Branch) Exempting JPMorgan Chase Bank, N.A (New Zealand Branch) (“JPMorgan”) from section 56(2) of the Act. This exemption is made subject to the following conditions: a. The Australia-based AML/CFT compliance officer must administer and maintain the AML/CFT programmes of JPMorgan; b. the Australia-based AML/CFT compliance officer must report regularly and fully on all relevant AML/CFT compliance matters to JPMorgan’s senior man...

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...

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    3. Tackling money laundering and terrorist financing >
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    5. AML/CFT ministerial exemptions