These regulations are the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011.

These regulations come into force on 28 July 2011.

However, regulations 11 to 24 (as replaced by the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2016 on 27 July 2016) come into force on 27 July 2016.

Regulations 11 to 24 (as replaced by the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2016 on 27 July 2016) expire on 27 July 2021.

In these regulations, unless the context otherwise requires,—

For the purposes of paragraph (b) of the definition of beneficial owner in section 5(1) of the Act, the prescribed threshold is more than 25%.

For the purposes of section 27(1) of the Act, the applicable threshold value of a wire transfer is $1,000.

For the purposes of the definition of high-value dealer in section 5(1) of the Act, the applicable threshold value is $10,000.

For the purposes of paragraph (c) of the definition of customer in section 5(1) of the Act, a customer, in relation to a real estate agent (as defined in section 4(1) of the Real Estate Agents Act 2008)—

For the purposes of paragraph (b) of the definition of designated business group in section 5(1) of the Act, an election is made in accordance with these regulations if it is made in writing in the form issued by, and provided to, the AML/CFT supervisor, which must contain the following information:

An election comes into force on the latest of the following:

In this regulation,—

Reporting entities are entities, for the purposes of paragraph (d)(xiii) of the definition of designated business group in section 5 of the Act, if—

For the purposes of paragraph (a) of the definition of occasional transaction in section 5(1) of the Act, the applicable threshold value is $10,000.

To avoid doubt, subclause (1) does not apply to a transaction or class of transactions declared by regulations to be an occasional transaction for the purposes of the Act.

This regulation applies to every cash transaction that—

Every cash transaction to which this regulation applies is declared to be an occasional transaction for the purposes of the Act.

This regulation applies to every transaction that—

Every transaction to which this regulation applies is declared to be an occasional transaction for the purposes of the Act.

This regulation applies to every transaction that—

Every cash transaction to which this regulation applies is declared to be an occasional transaction for the purposes of the Act.

This regulation applies to every transaction that—

Every transaction to which this regulation applies is declared to be an occasional transaction for the purposes of the Act.

This regulation applies to every transaction that—

Every transaction to which this regulation applies is declared to be an occasional transaction for the purposes of the Act.

This regulation applies to every transaction that occurs outside of a business relationship and that involves the issuing or provision of a stored value instrument that—

This regulation does not apply to a stored value instrument that—

Every transaction to which this regulation applies is declared to be an occasional transaction for the purposes of the Act.

For the purposes of this regulation,—

This regulation applies to a person so far as the person arranges for a reporting entity to provide a relevant service to a customer or an intended customer of the reporting entity, if the person is—

Subject to regulation 20, a person to whom this regulation applies is declared to be a reporting entity for the purposes of the Act.

An individual (person A) to whom this regulation applies is deemed to have complied with the Act and any regulations if—

For the purposes of this regulation,—

This regulation applies to a person who, but for this regulation, would be a reporting entity (whether because the person is a financial institution or otherwise) but who only performs relevant services that are exempt from all provisions of the Act.

A person to whom this regulation applies is declared not to be a reporting entity for the purposes of the Act.

A person is not a reporting entity, for the purposes of the Act, by reason only that, in the ordinary course of a non-finance business, the person transfers money on behalf of a customer to facilitate the purchase of goods or services by the customer.

In this regulation, non-finance business means a person whose only or principal business is the provision of goods or services that are not relevant services.

If the condition in subclause (2) is satisfied, it is declared that a person is not a reporting entity, for the purposes of the Act, by reason only that, in the ordinary course of the person’s business as a provider of accommodation, the person provides his or her registered guests with a safety deposit box or safety deposit boxes.

The condition is that the safety deposit box is—

In this regulation, registered guest means a guest whose name and contact details have been recorded by the provider of the accommodation.

A person is not a reporting entity, for the purposes of the Act, by reason only that the person carries out a relevant service in the ordinary course of the person’s business as an executor, an administrator, or a trustee in respect of services provided in the administration of an estate or, in the case of a trustee, in respect of services provided to beneficiaries of a family trust.

If subclause (1) applies to a person (A), it applies equally to any director, employee, agent, or other person while acting in the course of, and for the purposes of, A’s business to the same extent as it applies to A.

It is declared that a person is not a reporting entity, for the purposes of the Act, by reason only that the person carries out a relevant service in the ordinary course of the person’s business as a pawnbroker within the meaning of section 4 of the Secondhand Dealers and Pawnbrokers Act 2004.

It is declared that a person is not a reporting entity, for the purposes of the Act, by reason only that the person provides relevant services in the ordinary course of the person’s business as a provider of Internet auctions.

In this regulation,—

A person who is a registered auctioneer is declared not to be a reporting entity for the purposes of the Act.

However, the declaration does not apply to a registered auctioneer who—

A registered auctioneer that is a reporting entity by reason only that the registered auctioneer has reporting obligations for the activities specified in subclause (2) has reporting obligations only in respect of those activities.

In this regulation, registered auctioneer has the same meaning as in section 4(1) of the Auctioneers Act 2013.

For the purposes of the definition of reporting entity in section 5(1) of the Act, a person who carries out any property management activity is not a reporting entity by reason only that the person carries out property management activities.

In this regulation, property management activity—

This regulation applies to a financial institution that is—

A financial institution to which this regulation applies is declared not to be a reporting entity for the purposes of the Act.

Every public service agency as defined in section 5 of the Public Service Act 2020 is declared not to be a reporting entity for the purposes of the Act.

The Reserve Bank of New Zealand is declared not to be a reporting entity for the purposes of the Act.

For the purpose of sections 14(3), 18(3A), and 22(6) of the Act, a real estate agent must conduct customer due diligence before the real estate agent enters into an agency agreement (within the meaning of section 4(1) of the Real Estate Agents Act 2008) with a customer.

The Financial Service Providers (Registration and Dispute Resolution) Act 2008 is prescribed, in accordance with section 140(2)(x) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, as a listed enactment within the meaning of section 140(1) of that Act.