NEW ZEALAND GAZETTE, No. 15 — 12 FEBRUARY 2015

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Ministerial Exemptions Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009

In accordance with section 157(6)(b) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act"), the Minister of Justice hereby gives notice that she has granted the following exemptions from the Act:

Ministerial exemption: New Zealand Universities’ Superannuation Scheme

1. In my capacity as the Minister of Justice and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act") I exempt the trustees of the New Zealand Universities’ Superannuation Scheme ("the Scheme"), from the provisions of Part 2 of the Act in relation to services provided as trustees of the Scheme.

2. The exemption is granted subject to the following conditions:
   a. Subject to paragraphs 2 and 3, the trustees are required to remove any mechanisms contained in the Scheme’s Trust Deed that enable members to contribute to the Scheme voluntarily other than through payroll. This includes the ability of the trustees to accept contributions in any form, in their absolute discretion.
   b. The Scheme must remain a registered superannuation scheme as defined under the Superannuation Schemes Act 1989, or a registered scheme under the Financial Markets Conduct Act 2013, as applicable.
   c. With the exception of Australian superannuation transfers to the Scheme (if applicable), customer due diligence in accordance with sections 10–36 of the Act and suspicious transaction reports in accordance with sections 40–48 of the Act and, where the transaction is relevant to a suspicious transaction report, transaction records in accordance with section 49(1) and (2)(a)–(f) of the Act are required on all transfers to the Scheme from international sources.

3. The Trust Deed may permit voluntary contributions made other than through payroll to those sections of the Scheme which are subject to restrictions set out in the complying fund rules (as defined in section YA 1 of the Income Tax Act 2007), provided there is a cap on any non-payroll voluntary contribution. The cap should be set at the amount (after taking into account any contribution through payroll) required to enable a member to maximise those government contributions set out in section MK 4 of the Income Tax Act 2007.

4. The Trust Deed for the Scheme may permit contributions to be made to the Scheme other than through payroll by a member during a permitted period of unpaid leave of absence (Regular Leave of Absence Contributions) where:
   a. the employer or the Scheme’s administrator collects those contributions; and
   b. the contributions do not exceed (as to either amount or frequency) the contributions that were being paid by the relevant member in accordance with the Trust Deed for the Scheme immediately prior to the member commencing leave of absence.

5. Where any Regular Leave of Absence Contributions are received from international sources during the permitted period of unpaid leave of absence, the following sections of the Act apply to such contributions:
   a. Sections 10–17 of the Act (and for the purposes of section 14(d) of the Act the receipt of a contribution from an international source is specified as a circumstance in which standard customer due diligence must be conducted);
   b. sections 40–48 of the Act;
   c. where the transaction is relevant to a suspicious transaction report, sections 49(1) and 2(a)–(f) of the Act; and
   d. sections 92–100 of the Act.

6. Where any withdrawals are made by a member in addition to that member making Regular Leave of Absence Contributions during the permitted period of unpaid leave of absence, the following sections of the Act apply

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