New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 1 May 2011
| Public Act | 1996 No 9 |
| Date of assent | 1 April 1996 |
| Commencement | see section 1 |
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.
1 Short Title and commencement
3 Definition of financial institution
4 Amounts not in New Zealand currency
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
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
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
Application of Privacy Act 1993
28 Application of Privacy Act 1993
29 Obligation to keep transaction records
30 Obligation to keep verification records
31 Obligation to keep prescribed records
33 When records need not be kept
Part 5
Obligation to report imports and exports of cash
37 Persons arriving in or leaving New Zealand must report cash [Repealed]
38 Power to search persons [Repealed]
39 Power to search accompanying baggage [Repealed]
41 Chief executive of New Zealand Customs Service may deal with cash reporting offences [Repealed]
42 Information to be forwarded to Commissioner [Repealed]
43 Application of Privacy Act 1993 [Repealed]
Part 6
Miscellaneous provisions
45 Form and content of search warrant
46 Powers conferred by warrant
47 Person executing warrant to produce evidence of authority
48 Notice of execution of warrant
50 Procedure where certain documents seized from lawyers' offices
52 Offences punishable on summary conviction
53 Liability of employers and principals
54 Directors and officers of bodies corporate
55 Non-compliance not excused by contractual obligations
55A This Act subject to section 203 of KiwiSaver Act 2006
56A Consultation not required for consolidation of certain regulations
57 Consequential amendments to Crimes Act 1961
Schedule
Details 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 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).
