Anti-Money Laundering and Countering Financing of Terrorism Act 2009

AML/CFT requirements and compliance - Customer due diligence - Enhanced customer due diligence

30: New or developing technologies, or products, that might favour anonymity

You could also call this:

"Being careful with new technologies that help people stay hidden"

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

You need to be careful when using new technologies or products that can help people stay anonymous. When a business starts working with someone who uses these technologies or products, they must take extra steps to stop money laundering or terrorism. They also have to follow any other rules that apply to those specific technologies or products, as outlined in regulations and sections 15 and 16.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140873.


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29: Correspondent banking relationships, or

"When one bank helps another bank in a different country with banking services"


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31: Ongoing customer due diligence and account monitoring, or

"Keep checking customers are genuine by monitoring their accounts"

Part 2AML/CFT requirements and compliance
Customer due diligence: Enhanced customer due diligence

30New or developing technologies, or products, that might favour anonymity

  1. Before a reporting entity establishes a business relationship or conducts an occasional transaction or activity that involves new or developing technologies, or new or developing products, that might favour anonymity, the reporting entity must, in addition to the requirements in sections 15 and 16,—

  2. take any additional measures that may be needed to mitigate and manage the risk of new or developing technologies, or new or developing products, that might favour anonymity from being used in the commission of a money laundering offence or for the financing of terrorism; and
    1. meet any other requirements prescribed by regulations and that apply to the particular technology or product.
      Notes
      • Section 30: amended, on , by section 68 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).