Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Pecuniary penalties

90 Pecuniary penalties for civil liability act

(1)

On the application of the relevant AML/CFT supervisor, the High Court may order a person to pay a pecuniary penalty to the Crown, or to any other person specified by the court, if the court is satisfied that that person has engaged in conduct that constituted a civil liability act.

(2)

For a civil liability act specified in section 78(b), (c), (d), or (g), the maximum amount of a pecuniary penalty under this Act is,—

(a)

in the case of an individual, $100,000; and

(b)

in the case of a body corporate or partnership, $1 million.

(3)

For a civil liability act specified in section 78(a), (da), (e), or (f), the maximum amount of a pecuniary penalty under this Act is,—

(a)

in the case of an individual, $200,000; and

(b)

in the case of a body corporate or partnership, $2 million.

(4)

In determining an appropriate pecuniary penalty, the court must have regard to all relevant matters, including—

(a)

the nature and extent of the civil liability act; and

(b)

the likelihood, nature, and extent of any damage to the integrity or reputation of New Zealand’s financial system because of the civil liability act; and

(c)

the circumstances in which the civil liability act occurred; and

(d)

whether the person has previously been found by the court in proceedings under this Act to have engaged in any similar conduct.

Section 90(2)(b): amended, on 8 September 2018, by section 7(1) of the Statutes Amendment Act 2018 (2018 No 27).

Section 90(3): amended, on 1 July 2017, by section 12 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 (2015 No 96).

Section 90(3)(b): amended, on 8 September 2018, by section 7(2) of the Statutes Amendment Act 2018 (2018 No 27).