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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

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

131: Functions

You could also call this:

"What the supervisor's job is"

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

You have an important job as an AML/CFT supervisor. Your job is to check how likely it is that money laundering and terrorism financing will happen. You also check that the entities you supervise are following the rules. You help them follow the rules by giving them guidance and making sure they do what they are supposed to do. You investigate when entities are not following the rules and make sure they comply. You work with other people in New Zealand and other countries to make sure everyone is doing their job properly. This helps keep New Zealand safe from money laundering and terrorism financing.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2141037.

Topics:
Money and consumer rights > Consumer protectionCrime and justice > Police and safety
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130: AML/CFT supervisors, or

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

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132: Powers, or

"What the supervisor can do to enforce the rules"

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

131Functions

  1. The functions of an AML/CFT supervisor are to—

  2. monitor and assess the level of risk of money laundering and the financing of terrorism across all of the reporting entities that it supervises:
    1. monitor the reporting entities that it supervises for compliance with this Act and regulations, and for this purpose to develop and implement a supervisory programme:
      1. provide guidance to the reporting entities it supervises in order to assist those entities to comply with this Act and regulations:
        1. investigate the reporting entities it supervises and enforce compliance with this Act and regulations:
          1. co-operate through the AML/CFT co-ordination committee (or any other mechanism that may be appropriate) with domestic and international counterparts to ensure the consistent, effective, and efficient implementation of this Act.