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 AML/CFT News and Information

AML/CFT Newsletter

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This is a newsletter of AML/CFT updates and issues for reporting entities, published by the Department of Internal Affairs' AML Group.

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Since June 2014, AML/CFT News has moved to an electronic version. You can read prior versions in PDF format below.

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For Reporting Entities:

Wire transfer provisions for informal or hawala money remitters

CDD information sheet: proof of identification

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A record of news releases and other information issued by the Department of Internal Affairs' AMLGroup.

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Prescribed Transaction Reporting

From 1 November 2017, the Prescribed Transaction Reporting regulations come into force. We recommend you start preparing now.

If your business engages in cash transactions that exceed NZ$10,000, or sends or receives funds overseas which exceed NZ$1,000, you are going to need to be ready to commence reporting on this date.

Further information in relation to the Prescribed Transaction Reporting requirements is available on the New Zealand Police Financial Intelligence Unit website.

Prescribed Transaction Reporting Update

The Anti-Money Laundering and Countering Financing of Terrorism (Prescribed Transactions Reporting) Regulations 2016 bring in requirements for reporting entities to report prescribed transactions to the Police Financial Intelligence Unit (FIU).

These regulations come into force on 1 November 2017 and the FIU will be accepting Prescribed Transaction Reporting (PTRs) from this date.

In recognition of the need to ensure smooth implementation of automated reporting , a transitional compliance period for automated PTRs will apply until 1 July 2018.

Reporting entities submitting automated reports will be expected to provide PTRs as soon as they are able from 1 November 2017. However, reporting entities will not be considered non-compliant prior to the end of the transitional compliance period (1 July 2018). 

Reporting entities submitting PTRs manually to the FIU are expected to report from 1 November 2017. 

The supervisors and the FIU will continue to work with reporting entities to resolve any issues. The FIU will issue interpretive guidance to assist reporting entities to meet their PTR obligations. 

For more information, see Reporting suspicious activities (Justice Department website)

1. Automated reporting applies to those entities submitting PTRs through the FIU xml schema. 
2. Manually reporting applies to entities submitting reports one-by-one into the goAML web tool.

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