Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Part 4 Institutional arrangements and miscellaneous provisions

Subpart 1—Institutional arrangements

AML/CFT supervisors

130 AML/CFT supervisors

(1)

The AML/CFT supervisors are as follows:

(a)

for registered banks, life insurers, and non-bank deposit takers, the Reserve Bank of New Zealand (Reserve Bank) is the relevant AML/CFT supervisor:

(b)

for persons referred to in subsection (1A) (other than banks, life insurers, and non-bank deposit takers), the Financial Markets Authority is the relevant AML/CFT supervisor:

(c)

for designated non-financial businesses or professions and high-value dealers, the Department of Internal Affairs, or another AML/CFT supervisor prescribed for the purpose, is the relevant AML/CFT supervisor:

(d)

for TAB NZ, casinos, non-deposit-taking lenders, money changers, and other reporting entities that are not covered by paragraphs (a) to (c), the Department of Internal Affairs is the relevant AML/CFT supervisor.

(1A)

For the purposes of subsection (1)(b), the persons are any of the following:

(a)

persons registered, or required to be registered, under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 by virtue of providing any of the services referred to in—

(i)

section 5(1)(a), (ab), (d), (i) to (id), and (ma) of that Act; or

(ii)

section 5(1)(k) of that Act (but only to the extent that it relates to the service of trading in financial products on behalf of other persons):

(b)

statutory supervisors within the meaning of section 5 of the Retirement Villages Act 2003.

(2)

If the products or services provided by a particular reporting entity are covered by more than 1 AML/CFT supervisor,—

(a)

the AML/CFT supervisors concerned may agree on the relevant AML/CFT supervisor that will be the reporting entity’s AML/CFT supervisor for the purposes of this Act; and

(b)

the relevant AML/CFT supervisor will notify the reporting entity accordingly.

(3)

If a reporting entity is a member of a designated business group and the products and services provided by members of that designated business group are covered by more than 1 AML/CFT supervisor,—

(a)

the AML/CFT supervisors concerned may agree on 1 AML/CFT supervisor that will be the AML/CFT supervisor for all the reporting entities that are members of the designated business group for the purposes of this Act; and

(b)

that AML/CFT supervisor will notify the reporting entities accordingly.

(4)

If the AML/CFT supervisors cannot agree on which AML/CFT supervisor is to be a reporting entity’s supervisor under subsection (2) or (3), then the AML/CFT co-ordination committee must appoint the AML/CFT supervisor for that entity.

(5)

A reporting entity may have only 1 AML/CFT supervisor.

Section 130(1)(a): amended, on 5 December 2013, by section 9 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2013 (2013 No 106).

Section 130(1)(b): replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 130(1)(c): replaced, on 11 August 2017, by section 46 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 130(1)(d): inserted, on 11 August 2017, by section 46 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 130(1)(d): amended, on 1 August 2020, by section 129 of the Racing Industry Act 2020 (2020 No 28).

Section 130(1A): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 130(1A)(a)(i): replaced, on 15 March 2021, by section 98 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).