From 30 June 2013, all reporting entities (as defined in the Anti-Money Laundering and Countering Financing of Terrorism Act 2009) will have to be compliant with the AML/CFT regime, unless covered by an exemption.
Reporting entities will have a range of responsibilities, including the requirement to have in place an appropriate transaction monitoring system, and will be supervised by one of the three supervisors of the AML/CFT regime:
- the Financial Markets Authority (the FMA);
- the Reserve Bank of New Zealand; and
- the Department of Internal Affairs.
The FMA has drawn a provisional list of 587 businesses that have been identified as reporting entities under the new regime (falling under the supervision of the FMA) from the Financial Service Providers Register. These include issuers of securities, trustee companies, futures dealers, collective investment schemes, brokers and financial advisers. The list is available here.
Banks, life insurers and non-bank deposit takers are supervised by the Reserve Bank of New Zealand and can access information here.
Casinos, money service businesses (including currency exchange and money remittance/transfer), payroll remittance, lending and other services (including non-bank non-deposit-taking lenders, debt collection and factoring), financial leasing, cash transporters, safe deposit/cash storage, and issuing and managing means of payment (including non-bank credit card providers) and any other reporting entities not supervised by the Reserve Bank of New Zealand or the FMA will be supervised by the Department of Internal Affairs, and can access information here.
Click here to read the Ministry of Justice’s overview of the new regime and for more details on reporting entities.
The second phase of the AML/CFT reform will consider the extension of coverage of the regime to a range of designated non-financial services and professions including (but not limited to) lawyers, accountants, real estate agents, conveyancers and jewellers.