Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Amendment Regulations 2014

2014/324

Coat of Arms of New Zealand

Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Amendment Regulations 2014

Jerry Mateparae, Governor-General

Order in Council

At Wellington this 3rd day of November 2014

Present:
His Excellency the Governor-General in Council

Pursuant to sections 18(2)(f) and 153 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following recommendations.

Regulations

1 Title
  • These regulations are the Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Amendment Regulations 2014.

2 Commencement
  • These regulations come into force on 1 December 2014.

3 Principal regulations
4 Regulation 5 amended (Entities that are customers for purposes of section 18(1) of Act)
  • Replace regulation 5(1)(a) with:

    • (a) a person licensed to be a supervisor or statutory supervisor under the Financial Markets Supervisors Act 2011, when the person acts for itself:.

 Michael Webster,
Clerk of the Executive Council.


Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on 1 December 2014, amend the Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Regulations 2011 as a consequence of provisions of the Financial Markets Conduct Act 2013 and related legislation for reforming the regulation of New Zealand’s financial markets coming into force on that date.

In particular, they amend the provision of the regulations prescribing a person who is a licensed trustee or statutory supervisor under the Securities Trustees and Statutory Supervisors Act 2011 (the STSS Act) to be a customer, in certain circumstances, for the purposes of the simplified customer due diligence provisions of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The amendments take account of—


Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 4 November 2014.

These regulations are administered by the Ministry of Justice.