AML/CFT ministerial exemptions

In some circumstances, businesses that normally have to comply with the AML/CFT Act may not need to - but you need to ask for an exemption.

If, for example, your business faces low money laundering risks, you may not have to meet some or all of the usual AML/CFT requirements, or you won’t have to if you meet certain conditions.

Exemptions can be given to specific businesses or types of businesses, and for specific transactions and types of transactions.

The Minister of Justice decides - based on advice from official experts - whether to grant such exemptions, so they’re known as 'ministerial exemptions.'

Who can apply for a ministerial exemption?

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

However, applicants must make a compelling case for being granted an exemption. You may be able to get one if:

  • you’re at low risk of being exploited by money launderers and terrorism financers
  • when the law was being developed, it wasn’t intended that you should have to comply with the Act
  • the compliance costs and effort would be unreasonable compared to the risks you face
  • you’d suffer a competitive disadvantage if you had to comply with the Act.

Before applying, you should check the AML/CFT Regulations and AML/CFT Class Exemptions to find out if you are already exempt.

Find out how to apply for a ministerial exemption

Check the list of granted exemptions