Anti-Money Laundering and
Countering the Financing of Terrorism

Review of the Financial Transactions Reporting Act 1996

The Ministry of Justice is currently conducting a review of the Financial Transactions Reporting Act 1996 to ensure that it is consistent with FATF Recommendations. A number of proposed amendments have already been identified in relation to wire transfers and cash couriers. These proposed amendments will increase New Zealand’s compliance with the FATF Recommendations.

Feedback from affected industry is being sought on other possible amendments to the Financial Transactions Reporting Act 1996. Possible amendments may impose enforceable obligations on reporting entities relating to customer due diligence, records keeping, suspicious transaction reporting, and internal anti-money laundering systems and procedures.

Two Ministry of Justice discussion documents seek feedback from the financial sector on these possible amendments.

The first discussion document, Money Laundering and New Zealand’s Compliance with FATF Recommendations, (PDF 2.4MB) provides an overview of the possible amendments.

The second discussion document, Anti-Money Laundering and Countering the Financing of Terrorism: New Zealand’s Compliance with FATF Recommendations (PDF 172KB). provides a more detailed outline of the proposals to implement FATF AML/CFT measures.

The  Ministry of Economic Development is currently conducting a Review of Financial Products and Providers which will, among other things, consider  the AML/CFT registration requirements of non-bank financial sector agencies,  including money or value transfer service providers and money/currency changing services.