The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 seeks to contribute to public confidence in New Zealand's financial system and bring New Zealand into line with international standards to detect and deter money laundering and terrorism financing.
The Act provides:
- a regime for the supervision, monitoring and enforcement of AML/CFT obligations by three supervisors—the Reserve Bank of New Zealand, the Financial Markets Authority and the Department of Internal Affairs
- a set of requirements for reporting entities (such as customer due diligence, account monitoring and suspicious transaction reporting requirements)
- new civil and criminal offences, and a framework to detect and deter money laundering and terrorist financing.
The Act came into full effect on 30 June 2013.
On 9 July 2021, a new set of regulations came into force. They are publicly available on the Legislation website
- AML/CFT (Cross-border Transportation of Cash) Amendment Regulations 2021
- AML/CFT (Definitions) Amendment Regulations 2021
- AML/CFT (Exemptions) Amendment Regulations 2021
- AML/CFT (Requirements and Compliance) Amendment Regulations 2021.
In relation to the compliance date for the new regulations relating to nominee directors and nominee general partners, the AML/CFT supervisors have agreed a transitional compliance period until 29 April 2022. The supervisors issued a communication on 9 July 2021.