Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011

Reprint as at 1 January 2019

Coat of Arms of New Zealand

Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011

(SR 2011/222)

Anand Satyanand, Governor-General

Order in Council

At Wellington this 27th day of June 2011

Present:
His Excellency the Governor-General in Council

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.

These regulations are administered by the Ministry of Justice.

Pursuant to sections 5, 153, and 154 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, His Excellency the Governor-General makes the following regulations, acting—

(a)

on the advice and with the consent of the Executive Council; and

(b)

in relation to regulations made under section 154 of that Act, on the recommendation of the Minister (as defined by section 5 of that Act) made in accordance with section 154(2) and (3) of that Act.

Contents

1Title
2Commencement
3Expiry
4Interpretation
5Prescribed threshold
5AApplicable threshold value for wire transfer is $1,000
5BDefinition of customer
6Prescribed election process
7Prescribed member: certain money transfer service agents and sub-agents
8Prescribed member: overseas companies, etc
9Prescribed condition of membership of designated business group
10Applicable threshold value
11Inclusion: cash transaction in casino: $6,000 or more
12Inclusion: travellers cheques: $5,000 or more
13Inclusion: money orders or postal orders: $1,000 or more
13AInclusion: wire transfers of more than $1,000
14Inclusion: currency exchange transactions: $1,000 or more
15Inclusion: transactions involving certain stored value instruments
16Inclusion: certain financial advisers
17Inclusion: trust and company service providers [Revoked]
18Exclusion: reporting entities whose every relevant service is exempt from Act
18AExclusion: non-finance businesses that transfer money to facilitate purchase of goods or services
19Exclusion: accommodation provider that provides registered guest with safety deposit box
20Exclusion: lawyers, etc
21Exclusion: pawnbrokers
21AExclusion: providers of Internet auctions
21BExclusion: persons carrying out property management activities
22Exclusion: financial institutions that are in liquidation, etc
23Exclusion: government departments
24Exclusion: Reserve Bank of New Zealand
24ATime at which real estate agents must conduct customer due diligence
25Financial Service Providers (Registration and Dispute Resolution) Act 2008 prescribed for certain purposes
Gazette Information
Reprint notes