South Canterbury Women's Loan Fund Trust

Date Made

Date signed: 2014-03-13

Sectors

Nonbank non-deposit taking lenders (NBNDTLs)

Enacting statement

In accordance with section 157(6)(b) 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 AML/CFT Act:

Ministerial exemption: South Canterbury Women's Loan Fund Trust

Commencement date

This exemption comes into force on 2014-03-13

End date

This exemption will expire on 2018-06-30

Exemption

As the Minister of Justice, pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act"), I exempt South Canterbury Women's Loan Fund Trust from all provisions of the Act.

Conditions

   

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 South Canterbury Women's Loan Fund Trust as:
      
      1.  it is a not for profit organisation that charges no interest, nor pays any interest on funds loaned to customers;
      2. it limits its lending to offering low value low volume loans to allow women to access
         safe funding for employment, business or educational purposes;
      3. it offers defined and limited services to specific customers with robust internal processes that confirm the identity of the applicants and the purpose for which loans provided will be used;
      4. trustees make the final decision on all lending applications and retain control of the use of funds of the organisation for lending purposes; and
      5. it meets the criteria of a "low risk" financial inclusion institution under FATF guidelines, making it suitable for a full exemption.

The obligations imposed on South Canterbury Women's Loan Fund Trust would be disproportionate given the low risk of money laundering or terrorist financing in the circumstances outlined in this exemption.

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