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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

AML/CFT requirements and compliance - Record keeping

51: Obligation to keep other records

You could also call this:

"Keep extra records to help stop money laundering and terrorism"

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

You must keep certain records in addition to the ones mentioned in sections 49 and 50. You need to keep records about the business relationship, risk assessments, and audits. You also need to keep other records that help show what the business relationship is about and what is happening in it, as well as any records prescribed by regulations made under section 153. You must keep records about risk assessments, AML/CFT programmes, and audits for at least 5 years after you stop using them regularly. You have to make these records available to your AML/CFT supervisor when they ask for them. You have to keep all these records to help with AML/CFT requirements and compliance, as outlined in the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140906.

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50: Obligation to keep identity and verification records, or

"Keep records of how you check someone's identity"

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52: How records to be kept, or

"Keeping Records in Writing"

Part 2AML/CFT requirements and compliance
Record keeping

51Obligation to keep other records

  1. A reporting entity must keep the following records in addition to the records referred to in sections 49 and 50:

  2. records that are relevant to the establishment of the business relationship; and
    1. records relating to risk assessments, AML/CFT programmes, and audits; and
      1. any other records (for example, account files, business correspondence, and written findings) relating to, and obtained during the course of, a business relationship that are reasonably necessary to establish the nature and purpose of, and activities relating to, the business relationship; and
        1. any other records prescribed by regulations made under section 153.

          1. The records relating to risk assessment, AML/CFT programmes, and audits must be kept for a period of at least 5 years after the date on which they ceased to be used on a regular basis.

          2. A reporting entity must make records relating to risk assessments, AML/CFT programmes, and audits available to its AML/CFT supervisor on request.

          Compare
          Notes
          • Section 51(1)(c): amended, on , by section 27(1) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
          • Section 51(1)(d): inserted, on , by section 27(2) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
          • Section 51(2): replaced, on , by section 27(3) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).