Who makes the rules? 2017-07-14T12:14:02+00:00

Who Makes The Rules?

There are a few government agencies pulling the AML/CFT strings in New Zealand

The New Zealand AML/CFT regime works in New Zealand by the Minister of Justice designating authority to a number of different government departments.

We’ve learned that while you deal only with your supervisor, you may need to be aware of how other government departments are developing the rules and guidance around AML/CFT and your responsibilities.

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MoJ

Ministry of Justice

The Ministry of Justice (MoJ) is the government department that drafts the AML/CFT legislation.

This means they develop the policy, or the rules, that you as a reporting entity need to follow. Once the policies in the AML/CFT Act are passed by Parliament, they only rarely change through amendments to the Act or through additional regulations. The MoJ also handles any ministerial exemptions to the AML/CFT Act.

To access the latest information on changes to the AML/CFT Act, subscribe to the MoJ media release alerts here.

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.

The most important part of the DIA formal guidance for reporting entities is its sector risk assessments; these documents record the DIA’s own assessment of the ML/TF risks across the industries it supervises and the typologies most common to each. If you are a DIA reporting entity, you need to incorporate the sector risk assessment in your own risk assessment.

The DIA sends out useful AML/CFT newsletters. Subscribe here.

FMA

Financial Markets Authority

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

The most important part of the FMA formal guidance is its sector risk assessment; this document records the FMA’s own assessment of the ML/TF risks across the industries it supervises, notes the differences between certain industries and the typologies most common to each. If you are supervised by the FMA you need to incorporate the sector risk assessment into your own risk assessment.

The FMA provides newsletters you can subscribe to here, and issues a very useful annual AML/CFT monitoring report you can read here.

RBNZ

Reserve Bank of New Zealand

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

The most important part of the RBNZ formal guidance is its sector risk assessment; this document records the RBNZ’s own assessment of the ML/TF risks across the industries it supervises and the typologies most common to each. If you are supervised by the RBNZ you need to incorporate the sector risk assessment into your own risk assessment.

The RBNZ provides newsletters you can subscribe to here.

FIU

Finanical Intelligence Unit

The Financial Intelligence Unit (FIU) is a section of the New Zealand Police that receives suspicious transaction reports (STRs) from reporting entities in the course of their AML/CFT compliance regime.

Information contained in STRs will be distributed to other parts of the New Zealand Police who might have use for the intelligence as a part of their investigations,

Registering your business with the FIU through the goAML portal is an essential part of AML/CFT compliance. The FIU also publish important documents for you to reference in your own risk assessment; the National Risk Assessment and the Quarterly Typology Reports.

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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