Ministerial exemption: JP Morgan Chase Bank
Status: Expired
Date Made
Date signed: 2013-09-09
Sectors
Banking
Enacting statement
In accordance with section 159(3) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act"), the Minister of Justice hereby gives notice that she has granted the following exemptions from the Act:
Ministerial Exemption: JPMorgan Chase Bank, (New Zealand Branch)
Commencement date
This exemption comes into force on 2013-09-09
End date
This exemption will expire on 2018-06-30
Exemption
As the Minister of Justice and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act"), I exempt the reporting entity JPMorgan Chase Bank, N.A.(New Zealand Branch) ("JPMorgan") from section 56(2) of the Act in so far as the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) compliance officer must be an employee of the reporting entity. The exemption is approved in this case, allowing the AML/CFT compliance officer to be an employee of an Australian entity.
Conditions
The AML/CFT compliance officer intends to maintain a strong relationship with the New Zealand reporting entity's senior management and have clear reporting lines. New Zealand staff should have access to the Sydney-based officer in order to report suspicious circumstances that may arise, and the officer maintain appropriate qualifications and knowledge, and proper access to key information and adequate resources.
Statement of reasons
This exemption has been granted as there are low risks of money laundering and terrorist financing associated with this specific exemption.
All other provisions apply. I particularly draw your attention to section 56(4) of the Act which states "The AML/CFT compliance officer must report to a senior manager of the reporting entity".
This exemption may be applied to successor(s) to the current AML/CFT Compliance Officer.
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