Phase 1 of the AML/CFT Act
Phase 1 of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act has been in force since 2013. It applies to banks, casinos and a range of financial service providers.
Three government agencies are responsible for supervising the various businesses and industries the Act applies to:
Other government agencies involved in the regime include:
- The Ministry of Justice is responsible for policy development and the administration of the legislation. We also handle all matters related to exemptions from the Act.
- The New Zealand Police financial intelligence unit (external link) (external link) receives and analyses suspicious transaction reports. It also issues guidance to reporting entities and the three supervisors about reporting obligations under the Act, and provides information on money laundering and terrorism trends and methods.
- The New Zealand Customs Service enforces the Act’s cross-border cash reporting regime.