The Department of Internal Affairs

The Department of Internal Affairs

Te Tari Taiwhenua

Building a safe, prosperous and respected nation

 

Services › Anti-Money Laundering › AML/CFT Phase 2

The Government has made changes to the law. Businesses are now required to put preventative measures in place to help tackle money laundering and financing of terrorism. These anti-money laundering and countering financing of terrorism (AML/CFT) measures help us stop crime and safeguard our reputation as one of the least corrupt nations in the world, and a good place to do business.

Phase 1 of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act has been in force since 2013. It applies to banks, casinos and a range of financial service providers. The legislation extends the current AML/CFT regime to lawyers, conveyancers, accountants, real estate agents, sports and race betting, and businesses that deal in certain high value goods. The new laws will be implemented in stages over the next two years to give businesses time to prepare for the changes. Lawyers and conveyancers will be the first sectors that have to comply, starting in July 2018.

The Department of Internal Affairs is the supervising agency responsible for ensuring that the businesses brought in are complying with the requirements.

If you have initial questions on how AML/CFT Phase 2 may affect you, the Ministry of Justice has provided information for businesses on their website: https://www.justice.govt.nz/justice-sector-policy/key-initiatives/aml-cft/

You are also able to contact the Department of Internal Affairs in the second instance, at AMLPhase2@dia.govt.nz.