This Act is administered in the Ministry of Justice
Title
1 Short Title and commencement
Part 1Preliminary provisions
2 Interpretation
3 Definition of financial institution
4 Amounts not in New Zealand currency
5 Act to bind the Crown
Part 2Obligations on financial institutions to verify identity
Obligations on financial institutions to verify identity
6 Financial institutions to verify identity of facility holders
7 Financial institutions to verify identity of persons conducting certain occasional transactions
8 Verification where persons acting on behalf of others in respect of occasional transactions
9 Verification where facility holders acting on behalf of others
10 Application of sections 8 and 9 in relation to beneficiaries under trust
11 Verification of identity where money laundering or proceeds of crime suspected
Procedures for verifying identity
12 Procedures for verifying identity
Offences
13 Offences
14 Defence
Part 3Obligation to report suspicious transactions
Obligation to report suspicious transactions
15 Financial institutions to report suspicious transactions
16 Auditors may report suspicious transactions
17 Protection of persons reporting suspicious transactions
18 Immunity from liability for disclosure of information relating to money laundering transactions
19 Legal professional privilege
20 Suspicious transaction reports not to be disclosed
21 Protection of identity of persons making suspicious transaction reports
22 Offences
23 Defence
Suspicious transaction guidelines
24 Commissioner to issue guidelines relating to reporting of suspicious transactions
25 Consultation on proposed guidelines
26 Commissioner to make guidelines available to financial institutions and industry organisations
27 Review of guidelines
Application of Privacy Act 1993
28 Application of Privacy Act 1993
Part 4Retention of records
29 Obligation to keep transaction records
30 Obligation to keep verification records
31 Obligation to keep prescribed records
32 How records to be kept
33 When records need not be kept
34 Destruction of records
35 Other laws not affected
36 Offences
Part 5Obligation to report imports and exports of cash
37 Persons arriving in or leaving New Zealand must report cash
38 Power to search persons
39 Power to search accompanying baggage
40 Offences
41 Chief Executive of New Zealand Customs Service may deal with cash reporting offences
42 Information to be forwarded to Commissioner
43 Application of Privacy Act 1993
Part 6Miscellaneous provisions
Search warrants
44 Search warrants
45 Form and content of search warrant
46 Powers conferred by warrant
46A Power to stop vehicles
47 Person executing warrant to produce evidence of authority
48 Notice of execution of warrant
49 Custody of property seized
50 Procedure where certain documents seized from lawyers' offices
51 Disposal of things seized
52 Offences punishable on summary conviction
53 Liability of employers and principals
54 Directors and officers of bodies corporate
Miscellaneous provision
55 Non-compliance not excused by contractual obligations
55A This Act subject to section 203 of KiwiSaver Act 2006
Regulations
56 Regulations
56A Consultation not required for consolidation of certain regulations
Consequential amendments
57 Consequential amendments to Crimes Act 1961
ScheduleDetails to be included in suspicious transaction reports
An Act to facilitate the prevention, detection, investigation, and prosecution of money laundering, and the enforcement of the Proceeds of Crime Act 1991, by—
(a) Imposing certain obligations on financial institutions in relation to the conduct of financial transactions; and
(b) Requiring persons entering or leaving New Zealand to declare cash in excess of a prescribed amount;—
and to provide for matters incidental thereto
BE IT ENACTED by the Parliament of New Zealand as follows: