Who has to do AML?
New Zealand’s Anti-Money Laundering and Countering-Financing Terrorism (AML/CFT) Act came into force in 2013 and originally applied to banks, casinos and other financial service providers. The Act was introduced to improve New Zealand’s ability to tackle money laundering and terrorism financing and obliges businesses to:
- Know who their clients are and how their businesses operate
- Be aware of unusual client business behaviour, and
- Ensure transactions are transparent from source and are credible
Recent changes to the legislation (AML/CFT Act 2009 – Amendment 2017, known as ‘Phase II’) now requires specified non-financial New Zealand businesses to establish and maintain Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) compliance programmes. These laws have been extended to include:
- Lawyers, and conveyancing providers since 1 July 2018
- Accountants and providers of accounting services since 1 October 2018
- Real estate agents since 1 January 2019
- High Value Dealers, NZ Racing Board, and sports betting since 1 August 2019
These businesses must all be independently AML Audited every 2 years.