The South Canterbury Women's Loan Fund

Date Made

Date signed: 2018-07-23

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 (“Act”), the Associate Minister of Justice hereby gives notice that he has granted the following exemption from the Act:

Ministerial exemption: The South Canterbury Women’s Loan Fund

Commencement date

This exemption comes into force on 2018-07-23

End date

This exemption will expire on 2023-06-30

Exemption

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 the South Canterbury Women’s Loan Fund (“SCWLF”) from the following provisions of the Act:

1. 1. Sections 10–71 inclusive.

Conditions

This exemption is made subject to the following condition:

1. 1. SCWLF must inform the Ministry of Justice of any changes that may affect the exemption within 14 days of when the change occurs.

Statement of reasons

The exemption has been made for the following reasons:

1. 1. SCWLF is a not-for-profit organisation that charges no interest, nor pays any interest on the funds loaned to borrowers;
   2. SCWLF limits its lending to offering low value, low volume loans to allow women residing in South Canterbury to access safe funding for employment, business or educational purposes;
   3. SCWLF offers defined and limited services to specific customers with robust internal processes to confirm the identity of the applicants and the purpose for which the loans will be used for;
   4. Trustees make the final decision on all loan applications and retain control of the use of the funds for lending purposes; and
   5. SCWLF meets the criteria of a “low risk” financial inclusion institution under the Financial Action Task Force guidelines.

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. 

Corrigendum

Previous exemptions

South Canterbury Women's Loan Fund Trust