Replace section 4(3)(b) with:

In section 4(5)(a), replace “suspicious transaction reports” with “the reporting of suspicious activities and prescribed transactions”.

In section 5, insert in their appropriate alphabetical order:

In section 5, replace the definition of designated business group with:

In section 5, replace the definition of existing customer with:

In section 5, definition of financial institution, paragraph (a)(vii), replace “for the person’s own account or for the accounts of customers in any of the following:” with “for, or on behalf of, a customer in any of the following using the person’s account or the customer’s account:”.

In section 5, replace the definition of law enforcement purposes with:

In section 5, definition of occasional transaction, paragraph (a), replace “over” with “equal to or above”.

In section 5, definition of prescribed transaction, paragraphs (a) and (b) (as inserted by section 5(1) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015), replace “value greater than” with “value equal to or above”.

In section 5, definition of reporting entity, replace paragraph (a) with:

In section 5, repeal the definition of suspicious transaction report.

In section 5, definition of transaction, replace paragraph (c) with:

In section 5, replace the definition of wire transfer with—

In section 5, insert as subsections (2) to (4):

Replace section 6 with:

In section 7(1), after “Act”, insert “or regulations”.

In section 7(1)(a), replace “exceeds” with “is equal to or above”.

After section 7, insert:

After section 11(5), insert:

Replace section 14(d) with:

In section 14, insert as subsections (2) and (3):

In section 16(3)(b), replace “and account monitoring” with “and account monitoring or (if the reporting entity is not a financial institution) through other appropriate risk management procedures”.

Replace section 18(2) with:

After section 18(3), insert:

In section 22(1)(e), replace “regulations” with “section 22A or regulations”.

After section 22(5), insert:

After section 22, insert:

Replace section 23(b) with:

In section 23, insert as subsection (2):

In section 24(3)(b), replace “and account monitoring” with “and account monitoring or (if the reporting entity is not a financial institution) through other appropriate risk management procedures”.

In section 27(1), replace “over” with “equal to or above”.

In section 27(1)(d), replace “regulations” with “section 27A or regulations”.

In section 27(5)(b), replace “suspicious transaction” with “suspicious activity”.

After section 27, insert:

In section 29(3), after “Act”, insert “or regulations”.

In section 31(2)(b), replace “suspicious transaction under section 40(1)(b)” with “suspicious activity under paragraph (b) of the definition of that term in section 39A”.

In section 32(1)(a)(ii), replace “, but no later than 5 working days,” with “on request by the reporting entity, but within 5 working days of the request,”.

In section 32(1)(d), replace “suspicious transaction” with “suspicious activity or prescribed transaction”.

After section 32(1), insert:

In section 33(2)(c)(ii), replace “, but no later than 5 working days, after the business relationship is established or the occasional transaction is conducted” with “on request by the reporting entity, but within 5 working days of the request”.

After section 33(3), insert:

In section 36(5)(a), replace “suspicious transactions report” with “suspicious activity report”.

In section 36(5)(b), replace “suspicious transaction” with “suspicious activity”.

In section 37(d), replace “suspicious transactions report” with “suspicious activity report”.

In section 37(e), replace “suspicious transaction” with “suspicious activity”.

In section 37, insert as subsection (2):

Replace subpart 2 of Part 2 with:

After section 49, insert:

In section 51(1)(c), after “the business relationship”, insert “; and”.

After section 51(1)(c), insert:

Replace section 51(2) with:

In section 57, after “programme must”, insert “be in writing and”.

In section 57(d), replace “suspicious transactions” with “suspicious activities”.

In section 57, insert as subsection (2):

Replace section 59 with:

In section 68(1)(a), replace “more than” with “equal to or above”.

In section 69(a), replace “more than” with “equal to or above”.

In section 70(a), replace “the prescribed form” with “the appropriate prescribed form”:

Replace section 70(d) with:

In section 76, after “Act”, insert “or regulations”.

In the cross-heading above section 92, replace “transaction” with “activity”.

In the heading to section 92, replace “transaction” with “activity”.

In section 92(a), replace “a transaction” with “an activity”.

In section 92(b), replace “the transaction or the proposed transaction” with “the activity or the proposed activity”.

In section 92(c), replace “the transaction or the proposed transaction” with “the activity or the proposed activity”.

In section 92, insert as subsection (2):

In the heading to section 93, replace “suspicious transaction” with “suspicious activity”.

In section 93, replace “suspicious transaction” with “suspicious activity”.

In the heading to section 94, replace “suspicious transaction” with “suspicious activity”.

In section 94(2)(b), replace “any transaction or proposed transaction that is the subject of a suspicious transaction report” with “any activity or proposed activity that is the subject of a suspicious activity report”.

In the heading to section 95, replace “suspicious transactions” with “suspicious activities”.

In section 95, replace “suspicious transaction” with “suspicious activity”.

In the heading to section 96, replace “suspicious transaction” with “suspicious activity”.

In section 96, replace “suspicious transaction” with “suspicious activity”.

In section 96, insert as subsection (2):

In the heading to section 99, replace “suspicious transaction” with “suspicious activity”.

In section 102, after “Act”, insert “or regulations”.

In the heading to section 106, replace “over” with “equal to or above”.

In section 106, replace “over” with “equal to or above”.

In the heading to section 107, replace “over” with “equal to or above”.

In section 107, replace “over” with “equal to or above”.

In section 111(1), after “Act”, insert “or regulations”.

In section 117(4), after “3,”, insert “4,”.

Replace section 130(1)(c) with:

In section 132(1), after “Act”, insert “or regulations”.

After section 132(3), insert:

In section 133(5), replace “lawyer” with “person”.

In section 137(2), after “Reserve Bank of New Zealand Act 1989”, insert “, the Insurance (Prudential Supervision) Act 2010, and the Non-bank Deposit Takers Act 2013”.

In section 137(3), after “Reserve Bank of New Zealand Act 1989”, insert “, the Insurance (Prudential Supervision) Act 2010, and the Non-bank Deposit Takers Act 2013”.

In section 137(6), after “the Gambling Act 2003”, insert “, the Racing Act 2003, and the Charities Act 2005”.

In section 137(7), after “the Gambling Act 2003”, insert “, the Racing Act 2003, and the Charities Act 2005”.

In the heading to section 139, delete “supplied or obtained as AML/CFT supervisor”.

In section 139,—

In section 139, insert as subsections (2) and (3):

After section 139, insert:

In section 140(1), after “subsection (2) if”, insert “the disclosing entity has reasonable grounds to believe that”.

Replace section 140(2) with:

In section 142(a), replace “suspicious transaction” with “suspicious activity”.

Replace section 142(b)(ii) with:

In section 142(c), replace “suspicious transaction” with “suspicious activity”.

In section 142(d), replace “suspicious transaction” with “suspicious activity”.

In section 142(e), replace “suspicious transaction” with “suspicious activity”.

In section 142(f), replace “suspicious transaction” with “suspicious activity”.

In section 142(g), replace “suspicious transaction” with “suspicious activity”.

In section 142(h), replace “suspicious transaction” with “suspicious activity” in each place.

After section 142(k), insert:

In section 142(l), after “New Zealand Customs Service,”, insert “regulators,”.

In section 143(a), replace “a suspicious transaction report or a prescribed transaction report received by the Commissioner” with “information received by the Commissioner under this Act”.

In section 143(b), replace “suspicious transaction reports” with “suspicious activity reports”.

In section 143(b), after “with”, insert “regulators and”.

Insert as subsection (2):

In section 144(1), after “inspector”, insert “or an equally senior or more senior Police employee”.

In the heading to section 145, replace “transactions” with “activities”.

In section 145(1)(a),—

In section 145(1)(b), replace “suspicious transaction report relating to such a transaction” with “suspicious activity report relating to such an activity”.

In section 145(2), after “transaction”, insert “or other activity”.

In section 145(3), after “transaction”, insert “or other activity”.

In section 145(4),—

In section 146(1), after “transaction”, insert “or other activity”.

In section 146(2), after “transaction”, insert “or other activity”.

In section 146(3), after “transaction”, insert “or other activity”.

In section 147, after “transaction”, insert “or other activity”.

In section 148(1), after “transaction”, insert “or other activity”.

In section 148(2), after “transaction”, insert “or other activity”.

Replace section 153(d) with:

After section 154(1)(a), insert:

After section 154(1)(h), insert:

In section 154(2)(a), delete “and the Financial Transactions Reporting Act 1996”.

Repeal section 154(3)(c) and (5).

After section 156, insert:

In section 157(1), replace “, in the prescribed form, exempt any” with “exempt either or both”.

In section 157(1)(a), replace “entities; or” with “entities:”.

After section 157(1), insert:

Repeal section 157(3)(a).

In section 157(4), after “disallowable instrument”, insert “but not a legislative instrument”.

In section 157(5), after “this section”, insert “is a legislative instrument and”.

After section 159, insert:

Repeal section 160 and the cross-heading above section 160.

Repeal sections 162 and 163.

In the Schedule 1 heading, replace “s 160” with “s 7A”.

In the Schedule 1 1 heading, replace “and savings provisions” with “savings, and related provisions”.

In Schedule 1, above clause 1, insert:

In Schedule 1, after clause 3, insert the Part 2 set out in Schedule 1 of this Act.

The principal Act is amended in the manner set out in Schedule 2.

This section amends the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011.

Revoke regulations 8 and 9.

Replace regulation 20(1) with:

This section amends the Anti-Money Laundering and Countering Financing of Terrorism (Prescribed Transactions Reporting) Regulations 2016.

Replace Schedule 2 with the Schedule 2 set out in Schedule 3 of this Act.

This section amends the Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Regulations 2011.

Revoke regulations 4 to 7 and the cross-headings above regulations 4, 5, and 5A.

This section amends the Financial Transactions Reporting Act 1996.

Repeal section 3(1)(g).

Repeal section 3(1)(j).

Repeal section 3(1)(l) and (la).

Repeal section 3(1)(m).

The Financial Transactions Reporting Act 1996 (1996 No 9) is repealed.