Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill

  • enacted

Hon Amy Adams

Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill

Government Bill

248—3

Contents

Key
1Title
2Commencement
3Principal Act
Part 1
Amendments to principal Act
4Section 4 amended (Overview)
5Section 5 amended (Interpretation)
6Section 6 replaced (Application of this Act to reporting entities)
6Application of this Act to reporting entities
7Section 7 amended (Amounts not in New Zealand currency)
7ANew section 7A inserted (Transitional, savings, and related provisions)
7ATransitional, savings, and related provisions
7BSection 11 amended (Customer due diligence)
8Section 14 amended (Circumstances when standard customer due diligence applies)
8ASection 16 amended (Standard customer due diligence: verification of identity requirements)
9Section 18 amended (Circumstances when simplified customer due diligence applies)
10Section 22 amended (Circumstances when enhanced customer due diligence applies)
10ANew section 22A inserted (Enhanced customer due diligence required for certain activities requiring suspicious activities report)
22AEnhanced customer due diligence required for certain activities requiring suspicious activities report
11Section 23 amended (Enhanced customer due diligence: identity requirements)
11ASection 24 amended (Enhanced customer due diligence: verification of identity requirements)
12Section 27 amended (Wire transfers: identity requirements)
12ANew section 27A inserted (Other identifying information prescribed in relation to wire transfers)
27AOther identifying information prescribed in relation to wire transfers
12BSection 29 amended (Corresponding banking relationships)
13Section 31 amended (Ongoing customer due diligence and account monitoring)
13Section 31 amended (Ongoing customer due diligence and account monitoring)
14Section 32 amended (Reliance on member of designated business group)
15Section 33 amended (Reliance on other reporting entities or persons in another country)
16Section 36 amended (Protection of personal information and designated business groups)
17Section 37 amended (Prohibitions if customer due diligence not conducted)
18Subpart 2 of Part 2 replaced
Subpart 2—Suspicious activity reports
39AInterpretation
40Reporting entities to report suspicious activities
41Nature of suspicious activity report
42Privileged communication defined
43Auditors may report suspicious activities
44Protection of persons reporting suspicious activities
45Immunity from liability for disclosure of information relating to money laundering transactions
46Disclosure of information relating to suspicious activity reports
47Disclosure of information in proceedings
48Disclosure of personal information relating to employees or senior managers
19New section 49A inserted (Obligation to keep reports of suspicious activities)
49AObligation to keep reports of suspicious activities
20Section 51 amended (Obligation to keep other records)
21Section 57 amended (Minimum requirements for AML/CFT programmes)
22Section 59 replaced (Review and audit of risk assessment and AML/CFT programme)
59Review and audit of risk assessment and AML/CFT programmes
59AAudit of compliance with AML/CFT obligations
59BWho carries out audit
23Section 68 amended (Reports about movement of cash into or out of New Zealand)
24Section 69 amended (Reports about receipt of cash from outside New Zealand)
25Section 70 amended (Reporting requirements)
25ASection 76 amended (Protection for AML/CFT supervisors)
26Cross-heading above section 92 amended
27Section 92 amended (Failing to report suspicious transaction)
28Section 93 amended (Providing false or misleading information in connection with suspicious transaction reports or prescribed transaction reports)
29Section 94 amended (Unlawful disclosure of suspicious transaction reports or prescribed transaction reports)
30Section 95 amended (Failure to keep or retain adequate records relating to suspicious transactions or prescribed transactions)
31Section 96 amended (Obstruction of investigation relating to suspicious transaction reports or prescribed transaction reports)
32Section 99 amended (Time limit for prosecution of offences relating to civil liability act and suspicious transaction reports or prescribed transaction reports)
32ASection 102 amended (Offence to obstruct AML/CFT supervisor)
33Section 106 amended (Failure to report cash over applicable threshold values moved into or out of New Zealand)
34Section 107 amended (Failure to report cash over applicable threshold value received by person in New Zealand from overseas)
34ASection 111 amended (Offence to obstruct or not to answer questions from Customs officer)
35Section 117 amended (Search warrant)
36Section 130 amended (AML/CFT supervisors)
36ASection 132 amended (Powers)
36BSection 133 amended (Matters relating to conduct of on-site inspections)
37Section 137 amended (Power to use information obtained as AML/CFT supervisor in other capacity and vice versa)
38Section 139 amended (Power to disclose information supplied or obtained as AML/CFT supervisor)
38ANew section 139A inserted (Regulations relating to information sharing)
139ARegulations relating to information sharing
39Section 140 amended (Power to use and disclose information supplied or obtained under other enactments for AML/CFT purposes)
41Section 142 amended (Financial intelligence functions of Commissioner)
42Section 143 amended (Powers relating to financial intelligence functions of Commissioner)
43Section 144 amended (Delegation of powers of Commissioner)
44Section 145 amended (Guidelines relating to reporting of suspicious transactions)
45Section 146 amended (Consultation on proposed guidelines)
46Section 147 amended (Availability of guidelines)
47Section 148 amended (Review of guidelines)
48Section 153 amended (Regulations)
49Section 154 amended (Regulations relating to application of Act)
50New section 156A and cross-heading inserted
Review provision
156AReview of operation of Act
51Section 157 amended (Minister may grant exemptions)
51ANew section 159A and cross-heading inserted
Resolution of disputes about privilege
159AProcedure for testing assertions that document privileged
51BSection 160 and cross-heading repealed
52Sections 162 and 163 repealed
52ASchedule 1 amended
52BConsequential amendments to principal Act
Part 2
Amendments to other enactments and repeal
53Amendments to Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011
53AAmendment to Anti-Money Laundering and Countering Financing of Terrorism (Prescribed Transactions Reporting) Regulations 2016
54Amendments to Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Regulations 2011
55Amendments to Financial Transactions Reporting Act 1996
56Financial Transactions Reporting Act 1996 repealed
Schedule 1
Amendments to Schedule 1 of principal Act
Schedule 2
Consequential amendments to principal Act
Schedule 3
New Schedule 2 inserted
Legislative history

The Parliament of New Zealand enacts as follows: