Should I Be Compliant Now? 2017-06-22T20:31:06+00:00

Should I Be Compliant Now?

How do I know if I’m an AML/CFT Reporting Entity?

Reporting Entity Activities

Reporting Entity Activities

You are currently a reporting entity if you:

  • accept deposits from the public
  • lend credit to a customer
  • provides financial leasing products
  • transfer money or value on behalf of customers
  • issue credit cards or other means of payment
  • provides financial guarantees
  • trade foreign exchange, interest rate, or index instruments, commodity futures, or money market instruments
  • issue securities and provide related services
  • manage individual or collective portfolios
  • keep or administer cash or other liquid securities on behalf of customers
  • invest, administer, or manage funds or money on behalf of customers
  • issue life insurance policies as an insurer
  • change money or currency

If you are a reporting entity, you will have one of three supervisors that each monitor different industries. These are described below.

DIA

Department of Internal Affairs

The Department of Internal Affairs (DIA) supervises casinos, non-deposit taking lenders, money changers, money remitters, payroll remitters, debt collectors, factors, financial leasors, safe deposit box vaults, non-bank credit card providers, stored value card providers and cash transporters, and any other reporting entities not supervised by the Reserve Bank or the Financial Markets Authority.

FMA

Financial Markets Authority

The Financial Markets Authority (FMA) supervises issuers of securities, licensed supervisors, fund managers, brokers and custodians, financial advisers, derivatives issuers, DIMS providers and peer to peer lending and equity crowd funding service providers

RBNZ

Reserve Bank of New Zealand

The Reserve Bank of New Zealand (RBNZ):  supervises banks, life insurers, and non-bank deposit takers, such as credit unions and building societies.

READY TO GET STARTED?

Use Fiducia’s DIY AML/CFT Risk Assessment and Programme Templates to get you the basic documentation you need to be AML/CFT compliant. Ready to download and use right away.

Easy, effective, affordable.

Resource center

Hey! This fine print matters! Any content that you’re accessing here may be inaccurate, incomplete or outdated. The reasons for this include that only the New Zealand AML/CFT regulators can tell you what constitutes AML/CFT compliance. Their guidance continues to develop as the regime develops and matures. Your use and interpretation of any content on this site is your responsibility and is at your own risk. This content does not constitute investment or financial advice, taxation advice, accounting advice or legal advice, and use of our services does not establish a fiduciary relationship of any kind.  See Section 9 of our Terms and Conditions for all information relating to your use of the content on this site