Formal Guidance 2017-06-22T21:38:17+00:00

Formal Guidance

The advice & resources your business needs to feel in control

Legislation (binding)

Legislation (binding)

The AML/CFT Act places obligations on reporting entities to detect and deter ML/TF. The AML/CFT Act came into force on 30 June 2013 to align with global financial regulatory standards established by the intergovernmental body, the Financial Action Task Force (FATF). Four different rules apply to AML/CFT obligations information is available here.

Code of Practice (binding)  

Code of Practice (binding) 

The Amended Identity Verification Code of Practice 2013 provides reporting entities with a suggested best practice for conducting customer due diligence on certain customers. Complying with the code of practice creates a safe harbour for reporting entities but it is not mandatory. If a reporting entity complies with the code of practice it shall be deemed to be compliant with the relevant parts of the AML/CFT Act. If a reporting entity opts not to comply with the code of practice, it must

  • Notify its AML/CFT Supervisor that it is opting out
  • Adopt practices that are equally effective as those set out in the code of practice,

otherwise the reporting entity risks being deemed to be non-compliant with the AML/CFT Act.

Guidance Material (binding)  

Guidance Material (binding) 

Reporting entities should have regard to international guidance issued by FATF and the Asia-Pacific Group on Money when determining their compliance obligations under the AML/CFT Act. Guidance issued by the FIU and the AML/CFT Supervisors should also be considered. For example:

Guidelines (non binding)  

Guidelines (non binding) 

The regulators have issued a series of non-binding guidelines designed to assist reporting entities with the implementation of the requirements of the AML/CFT Act. These guidelines include information on the following:

  • Wire Transfers
  • Territorial Scope of the AML/CFT Act 2009
  • Beneficial Ownership Guideline
  • Guideline for Audits of Risk Assessments and AML/CFT Programmes
  • Countries Assessment Guideline
  • Designated Business Group Scope and Formation Guideline
  • AML/CFT Programme Guideline
  • In the Ordinary Course of Business Guideline
  • AML/CFT Risk Assessment Guideline.

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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 Any content that you’re accessing here may be inaccurate, incomplete or outdated.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