AML/CFT regulations: Tranche 1 consultation

In October 2017, we sought submissions on proposed regulations related to New Zealand’s anti-money laundering laws. 

 

Recent changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 affect businesses already covered by the law (known as Phase 1 reporting entities) and businesses that coverage is being extended to (known as Phase 2 reporting entities).

 

Because the AML/CFT reforms come into effect in stages for different sectors, the new regulations are being made in different rounds or ‘tranches’.

 

This consultation covered the first tranche. 

 

Once they were confirmed, 4 regulations were gazetted on 21 December 2017.

 

A second tranche of regulations will be developed in 2018.