You can get a formal warning if a supervisor thinks you have done something wrong. The supervisor must have good reasons to believe you did something that could lead to civil liability. The warning must follow a set format and be given in a specific way. You will get the warning if the supervisor has reasonable grounds to believe you did something wrong. The warning is given in a special form and in a way that is set out in regulations. This means the supervisor must follow certain rules when giving you the warning. The supervisor in charge of anti-money laundering and countering financing of terrorism can give you the formal warning. They can give you one or more warnings, depending on what you have done. The warning is a way for the supervisor to tell you that you have done something wrong and to warn you about your actions.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140954.
The relevant AML/CFT supervisor may issue 1 or more formal warnings to a person if the AML/CFT supervisor has reasonable grounds to believe that that person has engaged in conduct that constituted a civil liability act.
A formal warning must be—
