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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Enforcement - Civil liability - Pecuniary penalties

90: Pecuniary penalties for civil liability act

You could also call this:

"Paying a fine if you break the money laundering law"

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

If you do something wrong under the Anti-Money Laundering and Countering Financing of Terrorism Act, you might have to pay a fine. The High Court can order you to pay this fine if they think you have done something wrong. The court will decide how much you have to pay. You might have to pay up to $100,000 if you are an individual, or up to $1 million if you are a company or partnership, depending on what you did wrong. For some types of wrongdoings, the fine can be up to $200,000 for an individual or up to $2 million for a company or partnership. The court will look at what you did, how much damage it might have caused, and whether you have done something similar before. The court has to consider many things when deciding how much you have to pay. This includes the type of wrongdoing, how much damage it might have caused to New Zealand's financial system, and the circumstances around what you did. They will also look at whether you have been in trouble for something similar before.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140968.

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Part 3Enforcement
Civil liability: Pecuniary penalties

90Pecuniary penalties for civil liability act

  1. On the application of the relevant AML/CFT supervisor, the High Court may order a person to pay a pecuniary penalty to the Crown, or to any other person specified by the court, if the court is satisfied that that person has engaged in conduct that constituted a civil liability act.

  2. For a civil liability act specified in section 78(b), (c), (d), or (g), the maximum amount of a pecuniary penalty under this Act is,—

  3. in the case of an individual, $100,000; and
    1. in the case of a body corporate or partnership, $1 million.

      1. For a civil liability act specified in section 78(a), (da), (e), (f), or (h), the maximum amount of a pecuniary penalty under this Act is,—

      2. in the case of an individual, $200,000; and
        1. in the case of a body corporate or partnership, $2 million.

          1. In determining an appropriate pecuniary penalty, the court must have regard to all relevant matters, including—

          2. the nature and extent of the civil liability act; and
            1. the likelihood, nature, and extent of any damage to the integrity or reputation of New Zealand’s financial system because of the civil liability act; and
              1. the circumstances in which the civil liability act occurred; and
                1. whether the person has previously been found by the court in proceedings under this Act to have engaged in any similar conduct.

                  Notes
                  • Section 90(2)(b): amended, on , by section 7(1) of the Statutes Amendment Act 2018 (2018 No 27).
                  • Section 90(3): amended, on , by section 29 of the Criminal Activity Intervention Legislation Act 2023 (2023 No 7).
                  • Section 90(3): amended, on , by section 12 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 (2015 No 96).
                  • Section 90(3)(b): amended, on , by section 7(2) of the Statutes Amendment Act 2018 (2018 No 27).