AML/CFT regulations: Tranche 2 consultation

Closed 12 Jun 2018

Opened 22 May 2018

Overview

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act) aims to detect and deter money laundering and terrorism financing. It requires certain businesses to put anti-money laundering and countering financing of terrorism (AML/CFT) measures in place. These include assessing the money laundering and terrorism financing risks their business may face, establishing a compliance programme, confirming their customers’ identities, and reporting suspicious activities.

Banks, casinos and a range of financial service providers (‘Phase 1 reporting entities’) have been subject to the Act since 2013.

Amendments to the Act in 2017 extended the AML/CFT regime to cover more businesses at risk of being used to launder money and finance terrorism (referred to here as ‘Phase 2 reporting entities’). A staged approach is being taken to implementation of these businesses which include:

  • Lawyers, conveyancers and trust and company service providers – must comply from 1 July 2018
  • Accountants – must comply from 1 October 2018
  • Real estate agents – must comply from 1 January 2019
  • The New Zealand Racing Board and certain businesses that deal in high value goods (such as cars, boats, jewellery, art) – must comply from 1 August 2019.

This consultation relates to the Regulations for real estate agents and the New Zealand Racing Board. It also addresses three technical matters relating to the wider real estate sector.

Start and closing dates

Consultation starts on Tuesday 22 May 2018 and submissions need to reach us by 5pm on Tuesday 12 June 2018.

Submissions

Please send your completed submissions to us by email or post.

Email: aml@justice.govt.nz

Post: AML/CFT consultation team
Ministry of Justice
SX10088
Wellington
New Zealand

Audiences

  • General public

Interests

  • Anti-Money Laundering and Countering Financing of Terrorism