AML/CFT legislation

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 2011 regulations were gazetted on 30 June 2011. The 2013 regulations were gazetted on 30 May 2013. The Act and regulations came into full effect on 30 June 2013.