In this part of the law, you need to know what some words mean. A code of practice refers to a set of rules approved by the Minister, as stated in section 64. This code can be changed over time. A proposed code of practice is a document made under section 63(1). You should understand these meanings when reading this part of the law. These words are important to know.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140921.
61: Reporting entities to ensure that branches and subsidiaries comply with AML/CFT requirements, or
"Make sure your overseas branches follow New Zealand's money laundering rules"
63: AML/CFT supervisors to prepare codes of practice for relevant sectors, or
"Rules to help businesses follow anti-money laundering laws"
In this Part, unless the context otherwise requires,—
code of practice means a code of practice approved by the responsible Minister under section 64, as amended from time to time
proposed code of practice means a document prepared under section 63(1).
