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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Institutional arrangements and miscellaneous provisions - Institutional arrangements - AML/CFT supervisors

130: AML/CFT supervisors

You could also call this:

"People who help keep your money safe from bad things like money laundering"

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

You have AML/CFT supervisors to help keep your money safe. The Reserve Bank of New Zealand is the supervisor for registered banks and life insurers. The Financial Markets Authority supervises some other financial businesses. You can check the Financial Service Providers (Registration and Dispute Resolution) Act 2008 to see which services are supervised. The Department of Internal Affairs supervises some non-financial businesses and high-value dealers. They also supervise TAB NZ, casinos, and money changers. If a business has more than one supervisor, they can agree on who will be in charge. The supervisor will then tell the business who is in charge. If they cannot agree, the AML/CFT co-ordination committee will decide. You can only have one AML/CFT supervisor.

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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=DLM2141036.

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Part 4Institutional arrangements and miscellaneous provisions
Institutional arrangements: AML/CFT supervisors

130AML/CFT supervisors

  1. The AML/CFT supervisors are as follows:

  2. for registered banks, life insurers, and non-bank deposit takers, the Reserve Bank of New Zealand (Reserve Bank) is the relevant AML/CFT supervisor:
    1. for persons referred to in subsection (1A) (other than banks, life insurers, and non-bank deposit takers), the Financial Markets Authority is the relevant AML/CFT supervisor:
      1. for designated non-financial businesses or professions and high-value dealers, the Department of Internal Affairs, or another AML/CFT supervisor prescribed for the purpose, is the relevant AML/CFT supervisor:
        1. for TAB NZ, casinos, non-deposit-taking lenders, money changers, and other reporting entities that are not covered by paragraphs (a) to (c), the Department of Internal Affairs is the relevant AML/CFT supervisor.

          1. For the purposes of subsection (1)(b), the persons are any of the following:

          2. persons registered, or required to be registered, under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 by virtue of providing any of the services referred to in—
            1. section 5(1)(a), (ab), (d), (i) to (id), and (ma) of that Act; or
              1. section 5(1)(k) of that Act (but only to the extent that it relates to the service of trading in financial products on behalf of other persons):
              2. statutory supervisors within the meaning of section 5 of the Retirement Villages Act 2003.

                1. If the products or services provided by a particular reporting entity are covered by more than 1 AML/CFT supervisor,—

                2. the AML/CFT supervisors concerned may agree on the relevant AML/CFT supervisor that will be the reporting entity’s AML/CFT supervisor for the purposes of this Act; and
                  1. the relevant AML/CFT supervisor will notify the reporting entity accordingly.

                    1. If a reporting entity is a member of a designated business group and the products and services provided by members of that designated business group are covered by more than 1 AML/CFT supervisor,—

                    2. the AML/CFT supervisors concerned may agree on 1 AML/CFT supervisor that will be the AML/CFT supervisor for all the reporting entities that are members of the designated business group for the purposes of this Act; and
                      1. that AML/CFT supervisor will notify the reporting entities accordingly.

                        1. If the AML/CFT supervisors cannot agree on which AML/CFT supervisor is to be a reporting entity's supervisor under subsection (2) or (3), then the AML/CFT co-ordination committee must appoint the AML/CFT supervisor for that entity.

                        2. A reporting entity may have only 1 AML/CFT supervisor.

                        Notes
                        • Section 130(1)(a): amended, on , by section 9 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2013 (2013 No 106).
                        • Section 130(1)(b): replaced, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                        • Section 130(1)(c): replaced, on , by section 46 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                        • Section 130(1)(d): inserted, on , by section 46 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                        • Section 130(1)(d): amended, on , by section 129 of the Racing Industry Act 2020 (2020 No 28).
                        • Section 130(1A): inserted, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                        • Section 130(1A)(a)(i): replaced, on , by section 98 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).