Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017

  • Corrections have been made to Schedule 1 on 14 August 2017 under section 25(1)(j)(iii) of the Legislation Act 2012.
Coat of Arms of New Zealand

Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017

Public Act
 
2017 No 35
Date of assent
 
10 August 2017
Commencement
 
see section 2

Contents

1Title
2Commencement
3Principal Act
4Section 4 amended (Overview)
5Section 5 amended (Interpretation)
6Section 6 replaced (Application of this Act to reporting entities)
6Application of this Act to reporting entities
7Section 7 amended (Amounts not in New Zealand currency)
8New section 7A inserted (Transitional, savings, and related provisions)
7ATransitional, savings, and related provisions
9Section 11 amended (Customer due diligence)
10Section 14 amended (Circumstances when standard customer due diligence applies)
11Section 16 amended (Standard customer due diligence: verification of identity requirements)
12Section 18 amended (Circumstances when simplified customer due diligence applies)
13Section 22 amended (Circumstances when enhanced customer due diligence applies)
14New section 22A inserted (Enhanced customer due diligence required for certain activities requiring suspicious activities report)
22AEnhanced customer due diligence required for certain activities requiring suspicious activities report
15Section 23 amended (Enhanced customer due diligence: identity requirements)
16Section 24 amended (Enhanced customer due diligence: verification of identity requirements)
17Section 27 amended (Wire transfers: identity requirements)
18New section 27A inserted (Other identifying information prescribed in relation to wire transfers)
27AOther identifying information prescribed in relation to wire transfers
19Section 29 amended (Corresponding banking relationships)
20Section 31 amended (Ongoing customer due diligence and account monitoring)
21Section 32 amended (Reliance on member of designated business group)
22Section 33 amended (Reliance on other reporting entities or persons in another country)
23Section 36 amended (Protection of personal information and designated business groups)
24Section 37 amended (Prohibitions if customer due diligence not conducted)
25Subpart 2 of Part 2 replaced
39AInterpretation
40Reporting entities to report suspicious activities
41Nature of suspicious activity report
42Privileged communication defined
43Auditors may report suspicious activities
44Protection of persons reporting suspicious activities
45Immunity from liability for disclosure of information relating to money laundering transactions
46Disclosure of information relating to suspicious activity reports
47Disclosure of information in proceedings
48Disclosure of personal information relating to employees or senior managers
26New section 49A inserted (Obligation to keep reports of suspicious activities)
49AObligation to keep reports of suspicious activities
27Section 51 amended (Obligation to keep other records)
28Section 57 amended (Minimum requirements for AML/CFT programmes)
29Section 59 replaced (Review and audit of risk assessment and AML/CFT programme)
59Review and audit of risk assessment and AML/CFT programmes
59AAudit of compliance with AML/CFT obligations
59BWho carries out audit
30Section 68 amended (Reports about movement of cash into or out of New Zealand)
31Section 69 amended (Reports about receipt of cash from outside New Zealand)
32Section 70 amended (Reporting requirements)
33Section 76 amended (Protection for AML/CFT supervisors)
34Cross-heading above section 92 amended
35Section 92 amended (Failing to report suspicious transaction)
36Section 93 amended (Providing false or misleading information in connection with suspicious transaction reports or prescribed transaction reports)
37Section 94 amended (Unlawful disclosure of suspicious transaction reports or prescribed transaction reports)
38Section 95 amended (Failure to keep or retain adequate records relating to suspicious transactions or prescribed transactions)
39Section 96 amended (Obstruction of investigation relating to suspicious transaction reports or prescribed transaction reports)
40Section 99 amended (Time limit for prosecution of offences relating to civil liability act and suspicious transaction reports or prescribed transaction reports)
41Section 102 amended (Offence to obstruct AML/CFT supervisor)
42Section 106 amended (Failure to report cash over applicable threshold values moved into or out of New Zealand)
43Section 107 amended (Failure to report cash over applicable threshold value received by person in New Zealand from overseas)
44Section 111 amended (Offence to obstruct or not to answer questions from Customs officer)
45Section 117 amended (Search warrant)
46Section 130 amended (AML/CFT supervisors)
47Section 132 amended (Powers)
48Section 133 amended (Matters relating to conduct of on-site inspections)
49Section 137 amended (Power to use information obtained as AML/CFT supervisor in other capacity and vice versa)
50Section 139 amended (Power to disclose information supplied or obtained as AML/CFT supervisor)
51New section 139A inserted (Regulations relating to information sharing)
139ARegulations relating to information sharing
52Section 140 amended (Power to use and disclose information supplied or obtained under other enactments for AML/CFT purposes)
53Section 142 amended (Financial intelligence functions of Commissioner)
54Section 143 amended (Powers relating to financial intelligence functions of Commissioner)
55Section 144 amended (Delegation of powers of Commissioner)
56Section 145 amended (Guidelines relating to reporting of suspicious transactions)
57Section 146 amended (Consultation on proposed guidelines)
58Section 147 amended (Availability of guidelines)
59Section 148 amended (Review of guidelines)
60Section 153 amended (Regulations)
61Section 154 amended (Regulations relating to application of Act)
62New section 156A and cross-heading inserted
156AReview of operation of Act
63Section 157 amended (Minister may grant exemptions)
64New section 159A and cross-heading inserted
159AProcedure for testing assertions that document privileged
65Section 160 and cross-heading repealed
66Sections 162 and 163 repealed
67Schedule 1 amended
68Consequential amendments to principal Act
69Amendments to Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011
70Amendment to Anti-Money Laundering and Countering Financing of Terrorism (Prescribed Transactions Reporting) Regulations 2016
71Amendments to Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Regulations 2011
72Amendments to Financial Transactions Reporting Act 1996
73Financial Transactions Reporting Act 1996 repealed
Legislative history
Administrative information

The Parliament of New Zealand enacts as follows: