Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011

Reprint as at 9 July 2021

Coat of Arms of New Zealand

Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011

(SR 2011/222)

Anand Satyanand, Governor-General

Order in Council

At Wellington this 27th day of June 2011

Present:
His Excellency the Governor-General in Council

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

These regulations are administered by the Ministry of Justice.

Pursuant to sections 5, 153, and 154 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, His Excellency the Governor-General makes the following regulations, acting—

(a)

on the advice and with the consent of the Executive Council; and

(b)

in relation to regulations made under section 154 of that Act, on the recommendation of the Minister (as defined by section 5 of that Act) made in accordance with section 154(2) and (3) of that Act.

Contents

1Title
2Commencement
3Expiry [Revoked]
4Interpretation
5Prescribed threshold
5AApplicable threshold value for wire transfer is $1,000
5ABApplicable threshold value for high-value dealers is $10,000
5BDefinition of customer
6Prescribed election process
7Prescribed member: certain money transfer service agents and sub-agents
7APrescribed member: limited partnerships
8Prescribed member: overseas companies, etc [Revoked]
9Prescribed condition of membership of designated business group [Revoked]
10Applicable threshold value
11Inclusion: cash transaction in casino: $6,000 or more
12Inclusion: travellers cheques: $5,000 or more
13Inclusion: money orders or postal orders: $1,000 or more
13AInclusion: wire transfers of more than $1,000
14Inclusion: currency exchange transactions: $1,000 or more
15Inclusion: transactions involving certain stored value instruments
16Inclusion: certain financial advice providers
17Inclusion: trust and company service providers [Revoked]
18Exclusion: reporting entities whose every relevant service is exempt from Act
18AExclusion: non-finance businesses that transfer money to facilitate purchase of goods or services
19Exclusion: accommodation provider that provides registered guest with safety deposit box
20Exclusion: lawyers, etc [Revoked]
21Exclusion: pawnbrokers
21AExclusion: providers of Internet auctions
21ABExclusion: certain registered auctioneers
21BExclusion: property management activities
22Exclusion: financial institutions that are in liquidation, etc
23Exclusion: public service agencies
24Exclusion: Reserve Bank of New Zealand
24ATime at which real estate agents must conduct customer due diligence
[Revoked]
25Financial Service Providers (Registration and Dispute Resolution) Act 2008 prescribed for certain purposes [Revoked]
Gazette Information
Reprint notes