Funeral Directors Association of New Zealand

Date Made

Date signed: 2013-06-30

Sectors

Managed investment scheme (MIS) managers

Enacting statement

In accordance with section 159(3) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("AML/CFT Act"), the Minister of Justice hereby gives notice that she has granted the following exemptions from the AML/CFT Act:

Ministerial Exemption: Funeral Directors Association of New Zealand

Commencement date

This exemption comes into force on 2013-06-30

End date

This exemption will expire on 2018-06-30

Exemption

As the Minister of Justice and pursuant to section 157 of the AML/CFT Act, I partially exempt the Funeral Directors Association of New Zealand (FDANZ) from Part 2 of the AML/CFT Act in relation to its role as trustee of the FDANZ Funeral Trust.

Conditions

This exemption is made subject to the following conditions:

1. 1. Enhanced customer due diligence (CDD) in accordance with the AML/CFT Act is required on account balances that have accumulated an amount over the threshold value of $29,999.99.
   2. Suspicious transaction reports are to be carried out in accordance with subpart 2 of Part 2 of the AML/CFT Act.
   3. Standard CDD in accordance with sections 14-17 of the AML/CFT Act is required on any refunds made during the "cooling off period" of over $9,999.99.
   4. Standard CDD in accordance with sections 14-17 of the AML/CFT Act is required on all funds returned for the purposes of permanent emigration or due to hardship.
   5. Standard CDD in accordance with sections 14-17 of the AML/CFT Act be carried out on any amount returned to an estate over $9,999.99 after a funeral has been paid for.
   6. When customers apply to have funds refunded due to permanent emigration from New Zealand or due to hardship, levels of proof of emigration or hardship consistent with the KiwiSaver regime are required.

Statement of reasons

  

Contact

Any person wishing to provide comment on this notice should contact the Anti-Money Laundering and Countering Financing of Terrorism Team at the Ministry of Justice by emailing amlcft.exemptions@justice.govt.nz

Corrigendum

Previous exemptions

Funeral Directors Association of New Zealand Incorporated Prepaid Funerals Trust Fund