Anti-Money Laundering and Countering Financing of Terrorism Act 2009

6 Application of this Act to reporting entities

(1)

Subject to subsections (2) and (3) and to Schedule 1, this Act (as amended by the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017) applies to any reporting entity that is in existence at the commencement of this section or that comes into existence on or after the commencement of this section.

(2)

Sections 39A to 41 and 43 to 47 (as inserted by section 25 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017) do not apply until 1 July 2018 or an earlier date appointed by the Governor-General by Order in Council.

(3)

This Act—

(a)

does not apply to a law firm, a conveyancing practitioner, or an incorporated conveyancing firm until 1 July 2018 or an earlier date set by the Governor-General by Order in Council:

(b)

does not apply to an accounting practice until 1 October 2018 or an earlier date set by the Governor-General by Order in Council:

(c)

does not apply to a real estate agent until 1 January 2019 or an earlier date set by the Governor-General by Order in Council:

(d)

does not apply to TAB NZ or a high-value dealer until 1 August 2019 or an earlier date set by the Governor-General by Order in Council:

(e)

in the case of a trust and company service provider that immediately before the commencement of this section was a reporting entity under regulation 17 of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011, applies on and after the date on which this section comes into force:

(f)

in the case of a trust or company service provider to which paragraph (e) does not apply, applies on 1 July 2018 or an earlier date set by the Governor-General by Order in Council.

(4)

This Act applies to a reporting entity only to the extent that,—

(a)

in the case of a reporting entity that is a financial institution, the financial activities undertaken by that entity fall within the activities described in the definition of financial institution in section 5(1):

(b)

in the case of TAB NZ, it carries out the following:

(i)

the conduct of betting under section 74 of the Racing Industry Act 2020:

(ii)

the operation of accounts or provision of vouchers:

(c)

in the case of a law firm, conveyancer, incorporated conveyancing firm, accounting practice, real estate agent, or other designated non-financial business or profession, the activities carried out by that reporting entity are activities described in the definition of designated non-financial business or profession in section 5(1):

(d)

in the case of a high-value dealer,—

(i)

the high-value dealer carries out activities described in the definition of high-value dealer in section 5(1); and

(ii)

if subparagraph (i) applies, the high-value dealer—

(A)

must conduct standard customer due diligence under sections 14(1)(b), 15, and 16:

(B)

may rely on third parties under sections 32 to 34:

(C)

must comply with the prohibitions under section 37 if the high-value dealer is unable to conduct standard customer due diligence:

(D)

may report suspicious activities to the Commissioner under section 40(5) (in which case sections 44 to 46 (which relate to suspicious activities) apply to the high-value dealer):

(E)

must report prescribed transactions equal to or above the applicable cash threshold under sections 48A and 48B:

(F)

must keep records of any suspicious activity reports under section 49A:

(G)

must keep identity and verification records under section 50 when standard customer due diligence is conducted:

(H)

must keep records of any audits under section 51(1)(b), (2), and (3):

(I)

must audit its AML/CFT compliance obligations under section 59A if requested by an AML/CFT supervisor:

(e)

in the case of a casino, the casino carries out activities that may give rise to a risk of money laundering or financing of terrorism.

Section 6: replaced, on 11 August 2017, by section 6 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 6(3)(d): amended, on 1 August 2020, by section 129 of the Racing Industry Act 2020 (2020 No 28).

Section 6(4)(b): amended, on 1 August 2020, by section 129 of the Racing Industry Act 2020 (2020 No 28).

Section 6(4)(b)(i): amended, on 1 August 2020, by section 129 of the Racing Industry Act 2020 (2020 No 28).