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1. Phase II Anti-money laundering reforms - Business Compliance Impacts [pdf, 495 KB]

   i Ministry of Justice Phase II Anti-money laundering reforms Business Compliance Impacts September 2016 / Ministry of Justice | Contents ii Contents 1. Introduction 1 2. Executive summary 3 3. Methodology 9 4. Detailed Study Findings 15 5. Statement of Responsibility 25 Other than the Ministry of Justice, any person who obtains access to and reads this report, accepts and agrees, by reading this report, the following terms: 1. The

2. Deloitte report: Assessment of business compliance costs of the indicative anti-money laundering regulatory requirements [pdf, 2 MB]

   ...13 1.5.2. Industry/Customer Profiles Feedback & Observations ......................................... 13 1.5.3. Identity Verification Feedback & Observations .................................................... 13 1.5.4. Account & Transaction Monitoring Feedback & Observations ............................ 14 1.5.5. Records Keeping Feedback & Observations ......................................................... 14 1.5.6. AML Programs Feedback & Observations ..........

3. AMLCFT Statutory Review Summary Document [pdf, 301 KB]

   ` Review of the AML/CFT Act Summary Document Ministry of Justice October 2021 Important notice The opinions contained in this document are those of the Ministry of Justice and do not reflect official government policy. Readers are advised to seek specific legal advice from a qualified professional person before undertaking any action in reliance on the contents of this publication. The contents of this discussion document must not be construed as legal advice. The...

4. Costs and benefits of AML/CFT laws

   ...and professions will have to put measures in place to help tackle money laundering. There will be compliance costs but also widespread benefits for the New Zealand economy and society. The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Act has extended AML/CFT laws to more businesses including real estate agents and conveyancers; many lawyers and accountants; some high value dealers; and betting on sports and racing. In essence, businesses and professionals cove...

   Located in:

   1. Justice sector & policy >
   2. Key initiatives >
   3. Tackling money laundering and terrorist financing >
   4. Development of the AML/CFT Act and Regulations

5. Proactive release – Anti-Money Laundering and Countering Financing of Terrorism (Prescribed Transactions Reporting) Amendment Regulations 2022 [pdf, 408 KB]

   ...days after they will be notified in the New Zealand Gazette. Compliance 11 The Order in Council complies with each of the following: 11.1 the principles of the Treaty of Waitangi; 11.2 the rights and freedoms contained in the New Zealand Bill of Rights Act 1990 or the Human Rights Act 1993; 11.3 the principles and guidelines set out in the Privacy Act 2020 11.4 relevant international standards and obligations; 11.5 the Legislation Guidelines (2021 edition), which are maint...

6. Changes to AML/CFT Act regulations

   The Government has introduced changes to regulations in the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act), following a Ministry of Justice-led review held between July 2021 and 30 June 2022. Background The review was tabled in Parliament on 7 November 2022 and you can find it here: Read the final report of the statutory review The review focused on how the AML/CFT Act has performed since 2017 as well as whether any changes were necessary or desirable. The review a...

   Located in:

   1. Justice sector & policy >
   2. Key initiatives >
   3. Tackling money laundering and terrorist financing >
   4. Development of the AML/CFT Act and Regulations

7. Russell Investment Group Limited [pdf, 82 KB]

   Ministerial Exemptions Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 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 gave notice on 6 April 2020 that he has granted the following exemption from the Act: Ministerial Exemption: Russell Investment Group Limited Exempting Russell Investment Group Limited (RIGL) from the requirement in sectio...

8. JPMorgan Chase Bank N.A. New Zealand Branch [pdf, 73 KB]

   Ministerial Exemptions Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 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 gave notice on 25 July 2018 that he has granted the following exemption from the Act: Ministerial exemption: JPMorgan Chase Bank, N.A (New Zealand Branch) Exempting JPMorgan Chase Bank, N.A (New Zealand Branch) (“JPMorga...

9. How to apply for an AML/CFT ministerial exemption

   ...rejected. If it is, you may resubmit an application with more detail. However, you'll have to wait longer for a decision, so try to ensure you provide all the necessary information first time round. While preparing your application, you should consider the AML/CFT Act and information provided by government agencies about the risks your sector faces. Material about sector risks is available from the government agency that supervises your sector. For information about the supervisors, see AML/CF...

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   1. Justice sector & policy >
   2. Key initiatives >
   3. Tackling money laundering and terrorist financing >
   4. Information for businesses >
   5. AML/CFT ministerial exemptions

10. AML/CFT Statutory Review - summary of form submissions [pdf, 820 KB]

    Page 1 AML/CFT Act review: Summary report This report was created on Saturday 04 December 2021 at 13:03 and includes 59 responses. The activity ran from 06/10/2021 to 03/12/2021. Contents Question 1: What age group are you in? 24 Age 24 Question 2: What is your ethnicity? (You can select more than one.) 24 Ethnicity 24 Please specify 24 Ethnicity 25 Please specify 25 Ethnicity 25 Please specify 25 Ethnicity 25 Please specify 25 Question 3: If you're responding on behalf of...