NEW ZEALAND GAZETTE, No. 15 — 12 FEBRUARY 2015

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 contributions and transfers to the Scheme from international sources.

3. The Trust Deed may permit:

a. voluntary contributions made other than through payroll where the Scheme is subject to restrictions set out in the complying superannuation Scheme rules provided there is a cap on the amount of any non-payroll voluntary contributions made in each year (calculated in accordance with MK 4 of the Income Tax Act 2007). The cap should be set at the amount (after taking into account any contribution through payroll) required to enable a member to maximise, in respect of that year, those government contributions set out in section MK 4 of the Income Tax Act 2007; and

b. voluntary contributions made other than through payroll for the purpose of purchasing additional pensionable service, provided that the Scheme undertakes enhanced customer due diligence on every member who applies to purchase service by making such contributions.

4. The Trust Deed for the Scheme may permit contributions to be made other than through payroll by a member to the Scheme 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; and

c. where any member contributions are received from international sources, or any withdrawals are made by a member in addition to making any contributions during the period of unpaid leave of absence, the provisions of the Act relating to customer due diligence and suspicious transaction reporting apply where applicable.

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 10–18 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 to such withdrawals and contributions:

a. sections 10–18 of the Act (and for the purposes of section 14(d) of the Act the first such withdrawal 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, section 49(1) and (2)(a)–(f) of the Act; and

d. sections 92–100 of the Act.

7. The exemption has been granted for the following reasons:

a. The trustees’ only duties as a reporting entity under the Act are in respect of the Scheme;

b. the Scheme poses a very low risk of money laundering or terrorism financing;

c. any risks posed by voluntary contributions outside of payroll have been addressed by the conditions;

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