Who is your AML supervisor?
The agencies tasked with supervising the AML regime and the reporting entities they will monitor are:
- The Reserve Bank of New Zealand - banks, life insurers and non-bank deposit takers.
- The Financial Markets Authority (FMA) - issuers of securities, trustee companies, futures dealers, collective investment schemes, brokers, and financial advisers.
- The Department of Internal Affairs (DIA) - casinos, non-deposit taking lenders, money changers, and any other financial institutions not supervised by the Reserve Bank of New Zealand or the Financial Markets Authority.
If reporting entities are unclear as to whom their AML supervisor is, they should contact one of the three supervisors identified above.
In addition, the Ministry of Justice is responsible for drafting and administering the AML/CFT Act and regulations, while the Police Financial Intelligence Unit (FIU) continues its role of receiving and analysing suspicious transaction reports and providing related guidance.