Information for the Racing Industry Transition Agency

Racing Industry Transition Agency Guideline

This guide is designed to help Racing Industry Transition Agency (RITA) develop an understanding and meet their obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act).

Due to the new Racing Reform Act 2019, from 1 July 2019 the New Zealand Racing Board (NZRB) has been renamed as the Racing Industry Transition Agency (RITA), and any reading of NZRB in our content or guidance should be read as RITA as per the subsequent amendment to the AML/CFT Act.

Developing your Risk Assessment and Programme

AML/CFT Programme Guideline 

The guideline is designed to help reporting entities develop their AML/CFT programme as required under section 56 of the AML/CFT Act.

Developing an AML/CFT programme is the next step after conducting a risk assessment. It involves developing the procedures, policies and controls to manage and mitigate money laundering and terrorism financing risks. A reporting entities AML/CFT programme must be based on their risk assessment.

Risk Assessment Guideline

The AML/CFT Risk Assessment Guideline is designed to help reporting entities conduct a risk assessment, as required under section 58 of the AML/CFT Act.

A risk assessment is the first step a business must take before developing an AML/CFT programme. It involves identifying and assessing the risks the reporting entity reasonably expects to face from money laundering and terrorism financing. Once a risk assessment is completed, a reporting entity must then put in place an AML/CFT programme that manages and mitigates these risks.

AML/CFT Risk Assessment and Programme: Prompts and Notes for DIA reporting entities (Prompts and Notes)

This guideline provides reporting entities with a series of questions, supervisory expectation, reference material and suggested best practice that will help guide their risk assessment and programme. It provides a starting point, which can be supplemented with more detailed information provided by DIA supervisors. This guideline can be used by all DIA-supervised reporting entities, both small and large.

This guideline is not mandatory. Reporting entities may choose to use alternative methodologies to conduct their risk assessment and develop their programme.

Designated Non-Financial Businesses and Professions and Casinos Sector Risk Assessment – December 2019

The Designated Non-Financial Businesses and Professions and Casinos Sector Risk Assessment (DNFBP SRA) is a review of the characteristics of the sectors covered by the AML/CFT Act - lawyers, conveyancers, accountants, real estate agents, high value dealers and the New Zealand Racing Board. The SRA is intended to help AML/CFT supervisors understand the money laundering and terrorism financing risks across these sectors and assist reporting entities by providing guidance on the specific risks and vulnerabilities relevant to their business.

Customer due diligence

In this section:

Beneficial Ownership Guideline:

A key task in meeting the requirements of the AML/CFT Act is to identify and verify customers’ beneficial ownership arrangements. This guideline is to assist reporting entities in meeting the requirement to perform customer due diligence on the customer and beneficial owners of the customer.

Customer Due Diligence Fact Sheets:

These fact sheets are designed to help reporting entities understand the identification and verification requirements for different types of customers. The fact sheets should be read in conjunction with the beneficial ownership guideline.

Enhanced Customer Due Diligence Guideline

This guideline assists you to conduct enhanced customer due diligence (EDD) on your customers under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 (the Act).

Identity Verification Code of Practice

Amended Identity Verification Code of Practice 2013

On 10 October 2013 an Amended Identity Verification Code of Practice was gazetted under section 64 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). The amendments come into force on 1 November 2013.

Explanatory Note (updated December 2017)

The Explanatory Note clarifies requirements for electronic identity verification in accordance with the Amended Identity Verification Code of Practice 2013.

This December 2017 update replaces the previous version published in 2013.

Guidance on Expired Passports for Identification in Customer Due Diligence

This factsheet outlines how to use expired passports for identification purposes in accordance with the Amended Identity Verification Code of Practice 2013:

Statement of Kiwi Access Card

This document outlines the position the AML/CFT Supervisors have taken on the kiwi access card as a form of identification for the purposes of Identity Verification Code of Practice.

Annual reports

In this section:

Annual Reports for Financial Institutions 

The annual report is a requirement under section 60 of New Zealand's Anti-Money Laundering and Countering Financing of Terrorism Act 2009.

The User Guide: AML/CFT Report is designed to help reporting entities complete their annual reports. The form and content of the annual report is prescribed inthe Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Amendment Regulations 2017 – see schedule 2.
This user guide is used primarily to support Phase 1 reporting entities; i.e. financial institutions and casinos. Please note, trust and company service providers who have been using this report form should switch to using the DNFBP annual report form to cover the reporting period 30 June 2018 – 1 July 2019 onwards.

Annual Reports for Designated Non-Financial Businesses or Professions (DNFBPs)

The annual report is a requirement under section 60 of The AML/CFT Act. This User Guide for Annual AML/CFT Reports for DNFBPs is designed to help reporting entities who fall under the definition of “designated non-financial business or profession” to complete their annual reports. The form annual report is prescribed in the Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Amendment Regulations 2017 – see schedule 2A. The first annual report is due to be submitted to DIA by 31 August 2019.

Audit Guideline

This guidance is to help reporting entities:

  • understand the AML/CFT audit requirements in terms of the AntiMoney Laundering and Countering Financing of Terrorism Act 2009; and
  • undertake an effective and credible audit of their risk assessment and AML/CFT programme.

This guidance will also be useful to persons who perform audits of risks assessments and AML/CFT programmes of reporting entities.

NZ Police Financial Intelligence Unit National Risk Assessment

The Financial Intelligence Unit of the New Zealand Police has released the National Risk Assessment (NRA) and a support document under the AML/CFT Act 2009.

The NRA is designed principally for the use of the Ministry of Justice, AML/CFT supervisors, and the New Zealand Customs Service. The NRA may also be useful to reporting entities in understanding the broader picture of money laundering and terrorist financing risks at a national level.

The NRA can be found on the Police website.

Wire Transfers

This guideline is designed to help reporting entities understand the definition of wire transfer under the AML/CFT Act and sets out the minimum requirements for parties to a wire transfer.

Countries Assessment Guideline

This guideline is designed to help reporting entities decide when an assessment of another country's AML/CFT regulatory environment is required, and provides guidance on how to undertake this assessment.

NZ Financial Intelligence Unit (FIU)

NZ Financial Intelligence Unit (FIU) (NZ Police website)
Collects, analyses and disseminates financial intelligence relating to suspicious transactions/activities, money laundering and the financing of terrorism.

For further information go to:

Frequently Asked Questions