Goldman Sachs New Zealand Limited

Date Made

Date signed: 2018-07-23

Sectors

Financial Advice Providers

Enacting statement

In accordance with section 157(6)(b) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“Act”), the Associate Minister of Justice gave notice on 25 July 2018 that he has granted the following exemption from the Act: 

Ministerial exemption: Goldman Sachs New Zealand Limited 

Commencement date

This exemption comes into force on 2018-07-23

End date

This exemption will expire on 2023-06-30

Exemption

Exempting Goldman Sachs New Zealand Limited and its reporting entities (“GSNZ reporting entities”) from section 56(2) of the Act. 

Conditions

This exemption is made subject to the following conditions: 

1. 1. The Australia-based AML/CFT compliance officer must administer and maintain the AML/CFT programmes of the GSNZ reporting entities; 
   2. the Australia-based AML/CFT compliance officer must report regularly and fully on all relevant AML/CFT compliance matters to the senior management of the GSNZ reporting entities; 
   3. the staff of the GSNZ reporting entities must have ready access to the Australia-based AML/CFT compliance officer in order to raise and discuss AML/CFT compliance-related matters; 
   4. the Australia-based AML/CFT compliance officer must maintain appropriate qualifications and knowledge, have adequate resources to perform the role, and have full access to all information relevant to the AML/CFT compliance affairs of the GSNZ reporting entities; and 
   5. the GSNZ reporting entities must inform the Ministry of Justice of any changes that may affect the exemption within 10 working days.

Statement of reasons

The exemption has been made for the following reasons: 

1. 1. The risk of money laundering/terrorist financing involved in granting the GSNZ reporting entities such a specific and narrow exemption is low; 
   2. renewing this exemption would have little to no impact on the prevention, detection, investigation and prosecution of money laundering/terrorist financing offences; 
   3. the GSNZ reporting entities, in the absence of an exemption, would be subject to an undue regulatory burden; 
   4. renewing this exemption is unlikely to affect third-party reporting entities; and 
   5. but for a technical inconsistency, GSNZ would be able to rely on a class exemption designed to allow reporting entities within the same designated business group to share a compliance officer.

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

Goldman Sachs New Zealand Limited