Inloop Pty Ltd

Date Made

Date signed: 2017-08-24

Sectors

Payment 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 hereby gives notice that he has granted the following exemption from the Act:

Ministerial Exemption: Inloop Pty Ltd

Commencement date

This exemption comes into force on 2017-08-24

End date

This exemption will expire on 2020-06-30

Exemption

In my capacity as the Associate Minister of Justice, and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, I exempt Inloop Pty Ltd from the following provisions of the Act:

1. 1. Sections 10–71 inclusive.

Conditions

This exemption is made subject to the following conditions:

1. 1. Inloop Pty Ltd is incorporated in Australia and registered under Part XVIII of the Companies Act 1993, enabling them to operate in New Zealand through the overseas company register. The exemption for Inloop Pty Ltd relates specifically to business activities conducted in New Zealand. This is currently only the Flexischools offering.
   2. Inloop Pty Ltd must inform the Ministry of Justice of any changes that may affect the exemption and/or conditions imposed by this written instrument within 14 days from when the change affecting the exemption occurs.

Statement of reasons

This exemption has been made for the following reasons:

1. 1. There is a low risk of money laundering and terrorist financing through Inloop Pty Ltd due to:
      1. The low value nature of any payment made;
      2. the cost of compliance outweighs the risk posed; and
      3. the closed loop nature of the Flexischools offering.

Contact

Any person wishing to provide comment on this notice should contact the AML/CFT Team at the Ministry of Justice by emailing amlcft.exemptions@justice.govt.nz.