New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 30 June 2011
| Public Act | 2009 No 35 |
| Date of assent | 16 October 2009 |
| Commencement | see section 2 |
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.
6 Application of this Act to reporting entities
7 Amounts not in New Zealand currency
Part 2
AML/CFT requirements and compliance
9 Non-compliance not excused by contractual obligations
Subpart 1—Customer due diligence
12 Reliance on risk assessment when establishing level of risk
13 Basis for verifying identity
Standard customer due diligence
14 Circumstances when standard customer due diligence applies
15 Standard customer due diligence: identity requirements
16 Standard customer due diligence: verification of identity requirements
17 Standard customer due diligence: other requirements
Simplified customer due diligence
18 Circumstances when simplified customer due diligence applies
19 Simplified customer due diligence: identity requirements
20 Simplified customer due diligence: verification of identity requirements
21 Simplified customer due diligence: other requirements
Enhanced customer due diligence
22 Circumstances when enhanced customer due diligence applies
23 Enhanced customer due diligence: identity requirements
24 Enhanced customer due diligence: verification of identity requirements
25 Enhanced customer due diligence: other requirements
27 Wire transfers: identity requirements
28 Wire transfers: verification of identity requirements
29 Correspondent banking relationships
30 New or developing technologies, or products, that might favour anonymity
Ongoing customer due diligence and account monitoring
31 Ongoing customer due diligence and account monitoring
32 Reliance on member of designated business group
33 Reliance on other reporting entities or persons in another country
35 Use of information obtained from third party conducting customer due diligence
36 Protection of personal information and designated business groups
37 Prohibitions if customer due diligence not conducted
38 Prohibition on false customer names and customer anonymity
39 Prohibition on establishing or continuing business relationship involving shell bank
Subpart 2—Suspicious transaction reports
40 Reporting entities to report suspicious transactions
41 Nature of suspicious transaction report
42 Privileged communication defined
43 Auditors may report suspicious transactions
44 Protection of persons reporting suspicious transactions
45 Immunity from liability for disclosure of information relating to money laundering transactions
46 Disclosure of information relating to suspicious transaction reports
47 Disclosure of information in proceedings
48 Disclosure of personal information relating to employees or senior managers
49 Obligation to keep transaction records
50 Obligation to keep identity and verification records
51 Obligation to keep other records
53 When records need not be kept
Subpart 4—Compliance with AML/CFT requirements
56 Reporting entity must have AML/CFT programme and AML/CFT compliance officer
57 Minimum requirements for AML/CFT programmes
59 Review and audit of risk assessment and AML/CFT programme
61 Reporting entities to ensure that branches and subsidiaries comply with AML/CFT requirements
63 AML/CFT supervisors to prepare codes of practice for relevant sectors
64 Procedure for approval and publication of codes of practice
65 Amendment and revocation of codes of practice
67 Legal effect of codes of practice
Subpart 6—Cross-border transportation of cash
68 Reports about movement of cash into or out of New Zealand
69 Reports about receipt of cash from outside New Zealand
71 Information to be forwarded to Commissioner
Subpart 1—General provisions relating to Part
Proceedings for civil penalties
72 When and how civil penalty proceedings brought
Relationship between civil penalty and criminal proceedings
73 Relationship between concurrent civil penalty proceedings and criminal proceedings
75 Restriction on use of evidence given in civil penalty proceedings
76 Protection for AML/CFT supervisors
77 Protection for reporting entities, officers, etc, acting in compliance with this Act
78 Meaning of civil liability act
79 Possible responses to civil liability act
82 Enforcement of undertakings
83 Assessment of compensation for breach of undertakings
84 Powers of High Court not affected
86 When High Court may grant performance injunctions
88 When High Court may grant restraining injunctions and interim injunctions
89 Undertaking as to damages not required by AML/CFT supervisor
90 Pecuniary penalties for civil liability act
Offence and penalties relating to civil liability act
91 Offence and penalties for civil liability act
Offences relating to suspicious transaction reports
92 Failing to report suspicious transaction
93 Providing false or misleading information in connection with suspicious transaction report
94 Unlawful disclosure of suspicious transaction report
95 Failure to keep or retain adequate records relating to suspicious transaction
96 Obstruction of investigation relating to suspicious transaction report
97 Contravention of section 47(1)
99 Time limit for prosecution of offences relating to civil liability act and suspicious transaction reports
Other offences relating to non-compliance with AML/CFT requirements
101 Structuring transaction to avoid application of AML/CFT requirements
102 Offence to obstruct AML/CFT supervisor
103 Offence to provide false or misleading information to AML/CFT supervisor
104 Time limit for prosecution of offences relating to non-compliance with AML/CFT requirements
Offences relating to cross-border transportation of cash
106 Failure to report cash over applicable threshold value moved into or out of New Zealand
107 Failure to report cash over applicable threshold value received by person in New Zealand from overseas
108 Structuring cross-border transportation to avoid application of AML/CFT requirements
110 Providing false or misleading information in connection with cash report
111 Offence to obstruct or not to answer questions from Customs officer
113 Chief executive of New Zealand Customs Service may deal with cash reporting offences
Relationship with Customs and Excise Act 1996
114 Relationship with Customs and Excise Act 1996
Computer searches by Customs officer
115 Duty of persons with knowledge of computer or computer network or other data storage devices to assist access to Customs officer
118 Powers under search warrant
Conduct of entry, search, and seizure
120 Enforcement officers to show identity card on request
122 Details of warrant to be given to occupier
123 Occupier entitled to be present during search
124 Use of electronic equipment
125 Copies of documents seized to be provided
126 Receipts for things seized
127 Application of sections 198A and 198B of Summary Proceedings Act 1957
Return and retention of things seized
128 Return and retention of things seized
129 Order to retain things seized
Part 4
Institutional arrangements and miscellaneous provisions
Subpart 1—Institutional arrangements
133 Matters relating to conduct of on-site inspections
134 Delegation of supervisory function and powers
135 Authority to act as delegate
Use and disclosure of information
137 Power to use information obtained as AML/CFT supervisor in other capacity and vice versa
138 Restriction on power to use information under section 137
139 Power to disclose information supplied or obtained as AML/CFT supervisor
140 Power to use and disclose information supplied or obtained under other enactments for AML/CFT purposes
Financial intelligence functions of Commissioner
142 Financial intelligence functions of Commissioner
143 Powers relating to financial intelligence functions of Commissioner
144 Delegation of powers of Commissioner
145 Guidelines relating to reporting of suspicious transactions
146 Consultation on proposed guidelines
147 Availability of guidelines
150 AML/CFT co-ordination committee
151 Role of AML/CFT co-ordination committee
Subpart 2—Miscellaneous provisions
154 Regulations relating to application of Act
155 Regulations relating to countermeasures
156 Consultation not required for consolidation of certain regulations and minor amendments
157 Minister may grant exemptions
158 Minister must consult before granting exemption
159 Requirements relating to exemptions
Transitional and savings provisions
160 Transitional and savings provisions
Consequential amendments, repeals, and revocation
161 Amendments to other enactments
162 Amendment to Financial Transactions Reporting Act 1996 consequential on bringing into force of Part 2
163 Amendment to Financial Transactions Reporting Act 1996 relating to cross-border transportation of cash
Schedule 1
Transitional and savings provisions
The Parliament of New Zealand enacts as follows:
