Financial Transactions Reporting Act 1996

  • not the latest version

Reprint as at 1 December 2009

Financial Transactions Reporting Act 1996

Public Act1996 No 9
Date of assent1 April 1996
Commencementsee section 1
Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

This Act is administered by the Ministry of Justice.

Contents

Title

1 Short Title and commencement

Part 1
Preliminary provisions

2 Interpretation

3 Definition of financial institution

4 Amounts not in New Zealand currency

5 Act to bind the Crown

Part 2
Obligations 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 significant criminal activity suspected

Procedures for verifying identity

12 Procedures for verifying identity

Offences

13 Offences

14 Defence

Part 3
Obligation 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 4
Retention 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 5
Obligation 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 6
Miscellaneous 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

Offences

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

Schedule
Details to be included in suspicious transaction reports

Reprint notes

An Act to facilitate the prevention, detection, investigation, and prosecution of money laundering, and the enforcement of the Terrorism Suppression Act 2002 and the Criminal Proceeds (Recovery) Act 2009, by—

  • (a) imposing certain obligations on financial institutions in relation to the conduct of financial transactions; and

  • (b) [Repealed]

and to provide for matters incidental thereto

  • Title: amended, on 1 December 2009, by section 186 of the Criminal Proceeds (Recovery) Act 2009 (2009 No 8).

  • Title: amended, on 17 October 2009, by section 161(2) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (2009 No 35).

  • Title paragraph (b): repealed, on 17 October 2009, by section 161(2) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (2009 No 35).