✨ AML/CFT Regulations
23 DECEMBER 2010 NEW ZEALAND GAZETTE, No. 179 4451
Anonymous accounts
- When a reporting entity is aware, or at the time a reporting entity becomes aware of an existing anonymous account, standard customer due diligence (at a minimum) will be required in accordance with the Act.
Designated Business Groups
- Eligibility for Designated Business Groups (DBGs) will be extended to:
5.1 include network agents and sub-agents within the money remittance industry
5.2 clarify that DBGs may also include related companies incorporated in overseas jurisdictions with sufficient AML/CFT systems where those entities are supervised and regulated for AML/CFT purposes.
- An election to be a member of a DBG will be in accordance with regulations if it is made in writing in the approved form and provided to an AML/CFT supervisor, containing the following information:
6.1 Name of each entity electing to join the DBG
6.2 name and contact details for a contact person for the DBG
6.3 name and contact details of each entity’s AML/CFT compliance officer.
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An election will come into force no less than 30 days after the approved form is received by the AML/CFT supervisor, or on such later date as is specified on that form, unless the AML/CFT supervisor requests further information from the contact person.
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If an AML/CFT supervisor does request further information, the election will come into force no less than 30 days after the requested information is received.
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A condition of DBG membership will be that the members of a DBG must notify the relevant AML/CFT supervisor, in writing within 30 days, of any of the following:
9.1 A withdrawal of a member from the DBG; or
9.2 an election of a new member; or
9.3 the termination of the DBG; or
9.4 any other change in the details previously notified to any AML/CFT supervisor in respect of the DBG.
Annual reports
- The following information will be required to be contained in an annual report:
10.1 General information relating to the types of financial activities that the reporting entity engages in, or the sector in which the reporting entity operates.
10.2 Information regarding:
10.2.1 compliance with any conditions of partial exemption and/or enforceable undertakings
10.2.2 branches/subsidiaries in another country
10.2.3 membership of a DBG for the purposes of the AML/CFT Act
10.2.4 correspondent banking relationships.
10.3 Information on the reporting entity’s risk assessment.
10.4 Information relating to the following:
10.4.1 Appointment of AML/CFT compliance officer (including details of internal reporting, and senior management oversight arrangements).
10.4.2 Vetting/risk screening of employees and senior managers with AML/CFT responsibilities.
10.4.3 AML/CFT training for employees and senior managers with AML/CFT responsibilities.
10.4.4 Record keeping procedures.
10.4.5 Procedures for regular internal review and biennial independent audit of the risk assessment and AML/CFT programme.
10.4.6 Incorporation of supervisory and FIU feedback (including for example, guidance and codes through to conditions of partial exemptions) into the risk assessment and elements of the programme as is relevant.
10.5 Information regarding different types/levels of customer due diligence applied in different circumstances based on consideration of:
10.5.1 products/services offered and delivery mechanisms (including for example, new technologies)
10.5.2 relevant business relationship arrangements (including for example, correspondent banking arrangements)
10.5.3 customer characteristics, including, but not limited to customer type and country of domicile (including for example, politically exposed persons)
10.5.4 interactions of different customer, business relationship and product categories
10.5.5 information concerning the management of discrepancies arising during the course of an inability to complete customer due diligence
10.5.6 information regarding reliance on other reporting entities agents, third parties or persons in another country, for conducting and providing CDD.
10.6 Information concerning:
10.6.1 transaction and account activity monitoring to detect suspicious activity
10.6.2 procedures for reporting to the FIU suspicious transactions.
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NZ Gazette 2010, No 179
✨ LLM interpretation of page content
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Proposed Regulations Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009
(continued from previous page)
⚖️ Justice & Law EnforcementAnti-Money Laundering, Countering Financing of Terrorism, AML/CFT, Regulations, Reporting Entity, Anonymous Accounts, Designated Business Groups, Annual Reports