AML/CFT exemptions

Exemptions from compliance with the AML/CFT Act can be granted under certain circumstances. For example, if a business faces low money laundering risks it may not be required to meet some or all of the usual requirements and can apply for an exemption.

There are two types of exemptions. Exemptions can be granted on a case-by-case basis for individual businesses (known as individual exemptions) or classes of businesses (known as class exemptions). They can also be granted for specific types of transactions or classes of transactions.

Before you apply 

Any business that is covered by the Act (known as a reporting entity) can apply for an exemption. 

Before applying, please check the AML/CFT Exemptions Regulations(external link), the AML/CFT Definitions Regulations(external link) and the AML/CFT Class Exemptions(external link) to find out if your business is already exempt.

You should also check whether you are a reporting entity for the purposes of the Act, as not all businesses are reporting entities. You will be a reporting entity if you perform any of the activities defined(external link) under the Act in your ordinary course of business. If you are not a reporting entity, you do not need to apply for an exemption.

Applying for an AML/CFT exemption?

Applications need to make a strong case for being granted an exemption on the following grounds:

  • The business is at low risk of being exploited by money launderers and terrorism financers.

  • It was not intended that the particular type of business should have to comply with the Act, when the Act was developed.

  • The compliance costs and effort would be unreasonable compared to the money laundering and terrorism financing risks the business faces.

  • The business would suffer a competitive disadvantage if it was required to comply with the Act.

Find out how to apply for an AML/CFT exemption

Search the list of granted individual exemptions

See current class exemptions 

 
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