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.


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.


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


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.


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