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Under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act, three government agencies act as supervisors to support and oversee the business sectors that have to comply with the law.
To find out if you’ll have to comply with the Act, see the information specific to your sector at:
It’s proposed that the Department of Internal Affairs will supervise Phase 2 businesses.
The three existing AML/CFT supervisors – the DIA (external link) , the Reserve Bank of New Zealand (external link) and the Financial Markets Authority (external link) – will continue to oversee Phase 1 businesses.
Supervisors play a critical role in combating money laundering and terrorist financing by:
Some of the things your supervisor will do are:
Your supervisor may ask for information and access to your AML/CFT documents and customer and transaction records to make sure you’re complying with the Act.
By law, you must give your supervisor information or access to information when they ask for it.
How often you’ll need to do this will depend on various factors. Supervisors take a risk-based approach. This means they focus more on supervising businesses that provide products and services which are more at risk of being misused by criminals.
If your supervisor has any concerns about your systems and processes or you don’t comply with the law, you’ll have to fix issues that need attention.
You might be given a warning, which may be made public in some circumstances.
There are penalties if you seriously breach the law. These include fines of up to $5 million for businesses, while individuals can be fined up to $300,000 or sentenced to up to 2 years in prison.
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