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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

AML/CFT requirements and compliance - Compliance with AML/CFT requirements

56: Reporting entity must have AML/CFT programme and AML/CFT compliance officer

You could also call this:

"Have a plan to stop money laundering and pick a person to be in charge of it"

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

You must have a programme to stop money laundering and terrorism financing. This programme includes rules and checks to detect and manage risks. You need to choose an employee to be in charge of this programme. You must pick a senior manager for the compliance officer to report to. If you are a partnership, you can choose a partner to be the compliance officer. This partner must report to another partner. If you do not have employees, you must still appoint someone to be in charge of your programme. This person is responsible for making sure your programme is working correctly.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140912.

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55: Other laws not affected, or

"This law does not change other laws."

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57: Minimum requirements for AML/CFT programmes, or

"Rules to Help Stop Money Laundering and Terrorism Financing"

Part 2AML/CFT requirements and compliance
Compliance with AML/CFT requirements

56Reporting entity must have AML/CFT programme and AML/CFT compliance officer

  1. A reporting entity must establish, implement, and maintain a compliance programme (an AML/CFT programme) that includes internal procedures, policies, and controls to—

  2. detect money laundering and the financing of terrorism; and
    1. manage and mitigate the risk of money laundering and financing of terrorism.

      1. A reporting entity must designate an employee as an AML/CFT compliance officer to administer and maintain its AML/CFT programme.

      2. In the case of a reporting entity that does not have employees, the reporting entity must appoint a person to act as its AML/CFT compliance officer.

      3. The AML/CFT compliance officer must report to a senior manager of the reporting entity.

      4. Despite subsections (2) to (4), if a reporting entity is a partnership,—

      5. the partnership may designate one of the partners as an AML/CFT compliance officer to administer and maintain its AML/CFT programme, irrespective of whether the partnership has or does not have employees; and
        1. the partner so designated must report to another partner designated for the purpose of receiving those reports by the partnership.

          Notes
          • Section 56(5): inserted, on , by section 6 of the Statutes Amendment Act 2018 (2018 No 27).