The Anti-Money Laundering and Countering Financing of Terrorism
Act 2009 (AML/CFT) requires all "reporting entities" to
file their first annual AML/CFT report (on their risk assessment
and compliance programme) by 30 August 2014. This date is now fast
approaching and we fully recommend compliance with this deadline
for your organisation.
Determining whether you are a Reporting Entity under the AML/CFT
regime and who your supervisor is will depend on what type of
business you carry out:
The Reserve Bank of New Zealand supervises banks, life
insurers, and non-bank deposit takers.
The Financial Markets Authority supervises issuers of
securities, trustee companies, futures dealers, collective
investment schemes, brokers, and financial advisers.
The Department of Internal Affairs supervises non-deposit
taking lenders, casinos, money changers and other reporting
entities not supervised by the Reserve Bank or the Financial
The first report is for the period from 1 July 2013 to 30 June
2014. The report requires your entity to provide answers in the
Part 1 - Business contact details and organisation
Part 2 - AML/CFT risk assessment and AML/CFT programme
Part 3 - Products and services, customer and channels
Part 4 – AML/CFT supervisor specific questions
Part 5 – Compliance with exemptions
The form of the required report is set out in the AML/CFT
(Requirements and Compliance) Regulations 2011. However to make
this process easier, each AML/CFT supervisor has published a
"User Guide" and a template form of report to be
All annual reports must be filed using the upload facility on
the respective AML supervisor's website. Failure to submit an
annual report by 30 August may result in compliance action being
taken by the relevant AML/CFT supervisor.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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