Trustee Corporations Association of New Zealand Inc

Date Made

Date signed: 2013-06-30

Sectors

Managed investment scheme (MIS) managers

Enacting statement

In accordance with section 159(3) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("AML/CFT Act"), the Minister of Justice hereby gives notice that she has granted the following exemptions from the AML/CFT Act:

Ministerial Exemption: The Trustee Corporations Association of New Zealand Inc.

Commencement date

This exemption comes into force on 2013-06-30

End date

This exemption will expire on 2018-06-30

Exemption

As the Minister of Justice, and pursuant to section 157 of the AML/CFT Act, I exempt statutory supervisors of retirement villages from sections 11 to 31 of the AML/CFT Act for services provided in relation to repayable funds accepted in accordance with the Retirement Villages Act 2003 ("RV Act").

Conditions

This exemption is made subject to the following conditions:

1. 1. A statutory supervisor is required, in accordance with sections 14 to 17 of the AML/CFT Act, to undertake standard customer due diligence on the recipient of any refunded monies when:
      
      1. an Occupation Right Agreement is cancelled in accordance with section 29(2) of the RV Act and,
      2. the statutory supervisor is required to refund money over the threshold value of $9,999.99.

Statement of reasons

   

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