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  1. AML/CFT ministerial exemptions

    The Minister of Justice can decide to grant an exemption from coverage by the AML/CFT Act under certain circumstances. For example, if a business faces low money laundering risks it may not be required to meet some or all of the usual requirements. A business that believes it may be exempt will need to make an application for an exemption. Exemptions can be given to specific businesses or types of businesses, and for specific activities and types of activities. Before applying, you should check...

  2. Development of the AML/CFT Amendment Act 2017

    The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Bill was passed in August 2017, establishing "Phase 2" of New Zealand's AML/CFT laws. Read the AML/CFT Amendment Act 2017 Information about the Bill’s progress through Parliament Development of the Phase 2 laws involved 2 rounds of public consultation. Phase 2 AML/CFT exposure draft amendment Bill Tackling money laundering and terrorist financing Independent studies, including cost/benefit analysis, were also c...

  3. Phase 1 of the AML/CFT Act

    Phase 1 of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act has been in force since 2013. It applies to banks, casinos and a range of financial service providers. See how recent changes to the AML/CFT Act affect "Phase 1" businesses Three government agencies are responsible for supervising the various businesses and industries the Act applies to: the Reserve Bank, supervises banks, life insurers and non-bank deposit takers the Financial Markets Authority, supervises...

  4. AML/CFT Class Exemptions Update

    ...of 18 months. However, certain elements of the managing intermediaries exemptions will be retained for only 6 months. This is explained below. This 18 month period will align considerations of the class exemptions with the timing of wider work on the AML/CFT regime. This period will also allow time for the Ministry to conduct a full review of the class exemptions, with regard to the criteria outlined in section 157(3) of the Act. The full review of the class exemptions is already underway. The...

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