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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

AML/CFT requirements and compliance

9: Non-compliance not excused by contractual obligations

You could also call this:

"Breaking other rules is no excuse for not following this law"

Illustration for Anti-Money Laundering and Countering Financing of Terrorism Act 2009

You must follow the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. This Act is more important than any other contract or agreement you have. You cannot say you do not have to follow this Act because it would break another contract.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140839.

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Part 2AML/CFT requirements and compliance

9Non-compliance not excused by contractual obligations

  1. This Act has effect despite anything to the contrary in any contract or agreement.

  2. No person is excused from compliance with any requirement of this Act or regulations by reason only that compliance with that requirement would constitute breach of any contract or agreement.