Reprint as at 1 April 2017

Coat of Arms of New Zealand

Financial Transactions Reporting Act 1996

Public Act
 
1996 No 9
Date of assent
 
1 April 1996
Commencement
 
see section 1
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Justice.

Contents

Title
1Short Title and commencement
2Interpretation
3Definition of financial institution
4Amounts not in New Zealand currency
5Act to bind the Crown
6Financial institutions to verify identity of facility holders
7Financial institutions to verify identity of persons conducting certain occasional transactions
8Verification where persons acting on behalf of others in respect of occasional transactions
9Verification where facility holders acting on behalf of others
10Application of sections 8 and 9 in relation to beneficiaries under trust
11Verification of identity where money laundering or proceeds of significant criminal activity suspected
12Procedures for verifying identity
13Offences
14Defence
15Financial institutions to report suspicious transactions
16Auditors may report suspicious transactions
17Protection of persons reporting suspicious transactions
18Immunity from liability for disclosure of information relating to money laundering transactions
19Legal professional privilege
20Suspicious transaction reports not to be disclosed
21Protection of identity of persons making suspicious transaction reports
22Offences
23Defence
24Commissioner to issue guidelines relating to reporting of suspicious transactions
25Consultation on proposed guidelines
26Commissioner to make guidelines available to financial institutions and industry organisations
27Review of guidelines
28Application of Privacy Act 1993
29Obligation to keep transaction records
30Obligation to keep verification records
31Obligation to keep prescribed records
32How records to be kept
33When records need not be kept
34Destruction of records
35Other laws not affected
36Offences
[Repealed]
37Persons arriving in or leaving New Zealand must report cash [Repealed]
38Power to search persons [Repealed]
39Power to search accompanying baggage [Repealed]
40Offences [Repealed]
41Chief executive of New Zealand Customs Service may deal with cash reporting offences [Repealed]
42Information to be forwarded to Commissioner [Repealed]
43Application of Privacy Act 1993 [Repealed]
44Search warrants
45Form and content of search warrant [Repealed]
46Powers conferred by warrant [Repealed]
46APower to stop vehicles [Repealed]
47Person executing warrant to produce evidence of authority [Repealed]
48Notice of execution of warrant [Repealed]
49Custody of property seized [Repealed]
50Procedure where certain documents seized from lawyers’ offices [Repealed]
51Disposal of things seized [Repealed]
52Offences punishable on summary conviction [Repealed]
53Liability of employers and principals
54Directors and officers of bodies corporate
55Non-compliance not excused by contractual obligations
55AThis Act subject to section 203 of KiwiSaver Act 2006 [Repealed]
56Regulations
56AConsultation not required for consolidation of certain regulations
57Consequential amendments to Crimes Act 1961
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).