This regulation applies to a designated non-financial business or profession that—

The designated non-financial business or profession must conduct customer due diligence on the customer in the circumstances described in sections 14, 18, and 22 of the Act.

However, the designated non-financial business or profession may carry out verification of identity after it is engaged to provide the relevant service if—

This regulation applies to a designated non-financial business or profession that repeatedly provides 1 or more relevant services to the same customer in circumstances outside of an ongoing business relationship.

The designated non-financial business or profession is not required to obtain or verify any documents, data, or information that it has previously obtained and verified relating to a customer that it has conducted customer due diligence on in the circumstances described in sections 14, 18, and 22 of the Act, unless—

To avoid doubt, subclause (2) does not exempt the designated non-financial business or profession from the requirements to conduct ongoing customer due diligence and account monitoring in accordance with section 31 of the Act.

For the purposes of sections 32(1)(a)(ii) and 33(2)(c)(ii) of the Act, relevant verification information means a copy of the records used by the person being relied on to verify the customer’s identity.

For the purposes of sections 22(1)(a)(ii) and (b)(ii) and 57(1)(h) of the Act, a country that has insufficient anti-money laundering and countering financing of terrorism systems or measures in place includes a country identified by the Financial Action Task Force as being a high-risk jurisdiction subject to a call for action.

For the purpose of sections 14(3), 18(3A), and 22(6) of the Act, a real estate agent must conduct customer due diligence,—

Nothing in subclause (1) applies to an agent who is a conjunctional agent.

For the purposes of this regulation,—

The following enactments are prescribed for the purposes of section 140 of the Act:

This regulation applies in respect of a customer who is a legal person.

A reporting entity must, as part of standard customer due diligence, obtain information relating to—

The reporting entity must take reasonable steps to verify the information specified in subclause (2) according to the level of risk involved and,—

This regulation applies in respect of a customer that is a legal arrangement.

A reporting entity must, as part of standard customer due diligence, obtain information relating to—

The reporting entity must take reasonable steps to verify the information specified in subclause (2) according to the level of risk involved and,—

For the purposes of section 22(1)(e) of the Act, a reporting entity must conduct enhanced customer due diligence on a person in the circumstances described in section 18(1) and (3) of the Act if there are grounds to report a suspicious activity (within the meaning of section 39A of the Act) in relation to any of those circumstances.

This regulation applies when a reporting entity is conducting enhanced customer due diligence under section 22(1)(a), (c), or (d) of the Act within a business relationship.

A reporting entity must carry out additional enhanced customer due diligence measures before establishing, and during, the business relationship if complying with sections 23(1)(a) and 24(1)(b) of the Act is not sufficient to manage and mitigate the risks of money laundering and the financing of terrorism.

The additional enhanced customer due diligence measures include—

A reporting entity must not establish or continue a correspondent banking relationship (as defined in section 29(3) of the Act) with a bank registered in the Democratic People’s Republic of Korea.

For the purposes of section 33(2)(e) of the Act, a reporting entity must take reasonable steps to satisfy itself that the person described in section 33(2)(a) being relied on—

For the purposes of section 33(2)(e) of the Act, if a reporting entity intends to rely on a person who is resident in a country described in section 33(2)(a)(ii), the reporting entity must, before relying on the person, consider the level of risk associated with relying on a person residing in that country.

This regulation applies if a reporting entity that is a member of a designated business group is relying on another member of the group who is resident overseas (an overseas member) to conduct customer due diligence procedures in accordance with section 32(1)(a) of the Act.

In order for the reporting entity to rely on the overseas member, the overseas member must conduct the relevant customer due diligence procedures to at least the standard required by the Act and regulations made under the Act.

A reporting entity must review the risk assessment undertaken under section 58 of the Act to take account of any new or developing technologies or new or developing products (including any new delivery mechanisms) used by the reporting entity.

The risk assessment must be updated before the technology, product, or delivery mechanism is used by the reporting entity.

This regulation applies to a reporting entity that is an ordering institution that makes an international wire transfer of less than $1,000.

The ordering institution must ensure that the following information accompanies each wire transfer:

However, the ordering institution need not verify the information specified in subclause (2) unless it considers that there are grounds to report a suspicious activity (within the meaning of section 39A of the Act) in relation to the transfer.

This regulation applies to a reporting entity that is an intermediary institution in respect of a transfer of funds that relates to an international wire transfer processed by the institution.

If, for any technological reason, the intermediary institution cannot comply with the requirements of section 27(6) of the Act, the intermediary institution must keep a record of the information that was received.

This regulation applies to a reporting entity that is an ordering institution in respect of an international wire transfer.

An ordering institution must keep a record of—

The ordering institution must retain the record,—

This regulation applies to a reporting entity that is the operator of a money or value transfer service that is the ordering institution or beneficiary institution of a wire transfer outside New Zealand.

If the reporting entity is required to report to the Commissioner under section 40 of the Act, the reporting entity must also provide a copy of the suspicious activity report to the relevant financial intelligence unit in any country (or countries) affected by the suspicious activity.

This regulation applies to a reporting entity that is an intermediary institution in respect of international wire transfers.

For the purposes of section 57 of the Act, the reporting entity’s AML/CFT programme must set out adequate and effective procedures, policies, and controls for—

This regulation applies to a reporting entity that is a beneficiary institution in respect of international wire transfers.

For the purposes of section 57 of the Act, the reporting entity’s AML/CFT programme must set out adequate and effective procedures, policies, and controls for—

For the purposes of section 57 of the Act, the AML/CFT programme of a reporting entity must set out adequate and effective procedures, policies, and controls for—

For the purposes of section 57 of the Act, the AML/CFT programme of a reporting entity must, in respect of enhanced customer due diligence conducted under section 22(1) of the Act, differentiate, as is necessary to manage and mitigate the risks of money laundering and the financing of terrorism, between when information must be obtained under section 23(1)(a) of the Act and verified under section 24(1)(b) of the Act regarding—

This regulation applies to a reporting entity specified in section 6(4)(a) to (e) of the Act that, in the ordinary course of business, carries out an activity (or activities) of another type of reporting entity specified in that subsection.

In addition to any other requirements under the Act and regulations, the reporting entity must comply with the provisions of the Act to the extent that it carries out activities of the other type of reporting entity.

When conducting ongoing customer due diligence and undertaking account monitoring for the purposes of section 31 of the Act, a reporting entity must, according to the level of risk involved,—

In determining the extent to which information must be updated or verified under subclause (1)(a), the reporting entity must consider when customer due diligence was last conducted in relation to the customer and the adequacy of the information held.

For the purposes of section 14(1)(d) of the Act, a reporting entity must conduct standard customer due diligence if a person seeks to conduct a transaction through the reporting entity outside of a business relationship—

For the purposes of complying with the Act, a reporting entity must, unless satisfied that all the parties to the wire transfer are in New Zealand, treat the following virtual asset transfers as if they were an international wire transfer:

In subclause (1), virtual asset has the same meaning as in regulation 4 of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011.

To avoid doubt,—

For the purposes of section 51(1) of the Act, a prescribed transaction report submitted under subpart 2A of Part 2 of the Act is a record.

A reporting entity must keep the records described in section 51(1)(a) and (c) of the Act for a period at least 5 years after the end of the reporting entity’s business relationship with the relevant customer.

A reporting entity must risk-rate a new customer when conducting customer due diligence in the circumstances described in sections 14 and 22 of the Act.

The reporting entity must keep a record of the customer’s risk rating and review the customer’s risk rating, as appropriate, in accordance with section 31 of the Act.