Anti-Money Laundering and Countering Financing of Terrorism (“AML”)

Money laundering is the way criminals disguise the illegal origins of their money. Financers of terrorism use similar techniques to try and avoid detection by authorities and to protect the identity of those providing and receiving money for funding acts of terrorism.

Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, the Reserve Bank is one of three supervisors tasked with ensuring firms comply with new obligations designed to help deter and detect money laundering and terrorist financing.

The following sections provide information for banks, non-bank deposit takers, life insurers and other interested parties on the AML regime:

• AML legislation
  Contains information about the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) and relevant regulations.

• Who is your AML supervisor?
  Provides information about the roles of the various agencies involved in the AML regime.

• What are firms required to do under AML legislation?
  Provides information on the RBNZ’s supervisory approach and on firms’ regulatory obligations.

• AML guidance and publications
  Contains information on Codes of Practice, guidance documents and other relevant material issued by the RBNZ and others.

• Questions and answers
  Offers answers to commonly asked questions about AML, as well as background information for the media and others. If you cannot find an answer to your question please send an email to amlcft@rbnz.govt.nz.

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