Anti-Money Laundering and Countering Financing of Terrorism Act 2009

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Version as at 5 April 2023

Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Public Act		2009 No 35
Date of assent		16 October 2009
Commencement		see section 2

Note

The Parliamentary Counsel Office has made editorial and format changes to this version using the powers under subpart 2 of Part 3 of the Legislation Act 2019.

Note 4 at the end of this version provides a list of the amendments included in it.

This Act is administered by the Ministry of Justice.

1	Title
2	Commencement
	Part 1 Preliminary provisions
3	Purpose
4	Overview
5	Interpretation
6	Application of this Act to reporting entities
7	Amounts not in New Zealand currency
7A	Transitional, savings, and related provisions
8	Act binds the Crown
	Part 2 AML/CFT requirements and compliance
9	Non-compliance not excused by contractual obligations
	Subpart 1—Customer due diligence
10	Definitions
11	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
22A	Enhanced customer due diligence required for certain activities requiring suspicious activities report
23	Enhanced customer due diligence: identity requirements
24	Enhanced customer due diligence: verification of identity requirements
25	Enhanced customer due diligence: other requirements
26	Politically exposed person
27	Wire transfers: identity requirements
27A	Other identifying information prescribed in relation to wire transfers
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
	Reliance on third parties
32	Reliance on member of designated business group
33	Reliance on other reporting entities or persons in another country
34	Reliance on agents
35	Use of information obtained from third party conducting customer due diligence
36	Protection of personal information and designated business groups
	Prohibitions
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 activity reports
39A	Interpretation
40	Reporting entities to report suspicious activities
41	Nature of suspicious activity report
42	Privileged communication defined
43	Auditors may report suspicious activities
44	Protection of persons reporting suspicious activities
45	Immunity from liability for disclosure of information relating to money laundering transactions
46	Disclosure of information relating to suspicious activity reports
47	Disclosure of information in proceedings
48	Disclosure of personal information relating to employees or senior managers
	Subpart 2A—Prescribed transaction reports
48A	Reporting entities to report certain prescribed transactions
48B	Prescribed transaction reports
48C	Sections 43 to 48 apply to prescribed transactions
	Subpart 3—Record keeping
49	Obligation to keep transaction records
49A	Obligation to keep reports of suspicious activities
50	Obligation to keep identity and verification records
51	Obligation to keep other records
52	How records to be kept
53	When records need not be kept
54	Destruction of records
55	Other laws not affected
	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
58	Risk assessment
59	Review and audit of risk assessment and AML/CFT programmes
59A	Audit of compliance with AML/CFT obligations
59B	Who carries out audit
60	Annual AML/CFT report
61	Reporting entities to ensure that branches and subsidiaries comply with AML/CFT requirements
	Subpart 5—Codes of practice
62	Interpretation
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
66	Proof of codes of practice
67	Legal effect of codes of practice
	Subpart 5A—Cash transactions above applicable threshold value
67A	Prohibition on certain cash transactions
	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
70	Reporting requirements
71	Information to be forwarded to Commissioner
	Part 3 Enforcement
	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
74	One penalty only rule
75	Restriction on use of evidence given in civil penalty proceedings
	Immunities
76	Protection for AML/CFT supervisors
77	Protection for reporting entities, officers, etc, acting in compliance with this Act
	Subpart 2—Civil liability
78	Meaning of civil liability act
79	Possible responses to civil liability act
	Formal warnings
80	Formal warnings
	Enforceable undertakings
81	Enforceable undertakings
82	Enforcement of undertakings
83	Assessment of compensation for breach of undertakings
	Injunctions
84	Powers of High Court not affected
85	Performance injunctions
86	When High Court may grant performance injunctions
87	Restraining injunctions
88	When High Court may grant restraining injunctions and interim injunctions
89	Undertaking as to damages not required by AML/CFT supervisor
	Pecuniary penalties
90	Pecuniary penalties for civil liability act
	Subpart 3—Offences
	Offence and penalties relating to civil liability act
91	Offence and penalties for civil liability act
	Offences relating to suspicious activity reports and prescribed transaction reports
92	Failing to report suspicious activity
93	Providing false or misleading information in connection with suspicious activity reports or prescribed transaction reports
94	Unlawful disclosure of suspicious activity reports or prescribed transaction reports
95	Failure to keep or retain adequate records relating to suspicious activities or prescribed transactions
96	Obstruction of investigation relating to suspicious activity reports or prescribed transaction reports
97	Contravention of section 47(1) or 48A(1)
98	Defence
99	Time limit for prosecution of offences relating to civil liability act and suspicious activity reports or prescribed transaction reports
100	Penalties
	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
105	Penalties
	Offence relating to cash transactions
105A	Contravention of section 67A
	Offences relating to cross-border transportation of cash
106	Failure to report cash equal to or above applicable threshold value moved into or out of New Zealand
107	Failure to report cash equal to or above applicable threshold value received by person in New Zealand from overseas
108	Structuring cross-border transportation to avoid application of AML/CFT requirements
109	Defence
110	Providing false or misleading information in connection with cash report
111	Offence to obstruct or not to answer questions from Customs officer
112	Penalties
113	Chief executive of New Zealand Customs Service may deal with cash reporting offences
	Relationship with Customs and Excise Act 2018
114	Relationship with Customs and Excise Act 2018
	Stored value instrument searches by Customs officer
115	Duty to assist Customs officer to access stored value instruments
	Subpart 4—Search and seizure
116	Definitions
	Search warrants
117	Search warrant
118	Powers under search warrant
	Conduct of entry, search, and seizure
119	Assistance with searches [Repealed]
120	Enforcement officers to show identity card on request [Repealed]
121	Announcement before entry [Repealed]
122	Details of warrant to be given to occupier [Repealed]
123	Occupier entitled to be present during search
124	Use of electronic equipment
125	Copies of documents seized to be provided [Repealed]
126	Receipts for things seized [Repealed]
127	Application of sections 198A and 198B of Summary Proceedings Act 1957 [Repealed]
	Return and retention of things seized [Repealed]
128	Return and retention of things seized [Repealed]
129	Order to retain things seized [Repealed]
	Part 4 Institutional arrangements and miscellaneous provisions
	Subpart 1—Institutional arrangements
	AML/CFT supervisors
130	AML/CFT supervisors
131	Functions
132	Powers
133	Matters relating to conduct of on-site inspections
134	Delegation of supervisory function and powers
135	Authority to act as delegate
136	Effect of delegation
	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
139A	Regulations relating to information sharing
140	Power to use and disclose information supplied or obtained under other enactments for AML/CFT purposes
141	Enforcement officers
	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 activities
146	Consultation on proposed guidelines
147	Availability of guidelines
148	Review of guidelines
	Co-ordination
149	Role of Ministry
150	AML/CFT co-ordination committee
151	Role of AML/CFT co-ordination committee
152	Functions
	Subpart 2—Miscellaneous provisions
	Regulations
153	Regulations
154	Regulations relating to application of Act
155	Regulations relating to countermeasures
156	Consultation not required for consolidation of certain regulations and minor amendments
	Review provision
156A	Review of operation of Act
	Ministerial exemptions
157	Minister may grant exemptions
158	Minister must consult before granting exemption
159	Requirements relating to exemptions
	Resolution of disputes about privilege
159A	Procedure for testing assertions that document privileged
	Transitional and savings provisions [Repealed]
160	Transitional and savings provisions [Repealed]
	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 [Repealed]
163	Amendment to Financial Transactions Reporting Act 1996 relating to cross-border transportation of cash [Repealed]
	Schedule 1 Transitional savings, and related provisions
	Schedule 2 Consequential amendments
	Notes

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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

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