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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

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

132: Powers

You could also call this:

"What the supervisor can do to enforce the rules"

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

An AML/CFT supervisor has the power to do what is necessary to carry out its functions under this Act or regulations. You can think of this as the supervisor having the authority to get the information it needs to make sure people are following the rules. The supervisor can also look at records and documents, and do on-site inspections as outlined in section 133. The supervisor can provide guidance to the people it supervises by producing guidelines and preparing codes of practice in accordance with section 63. You can expect the supervisor to give feedback on how well people are following the rules and help them understand what they need to do. The supervisor can also work with other organisations and share information as outlined in sections 46, 48, and 137 to 140. The supervisor can only use its powers for the purposes of this Act and cannot force anyone to disclose private communications. The supervisor's powers are limited to what is necessary to carry out its functions. The supervisor must use its powers in accordance with this Act and any other relevant laws.

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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=DLM2141038.

Topics:
Money and consumer rights > Consumer protectionBusiness > Industry rules
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131: Functions, or

"What the supervisor's job is"

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133: Matters relating to conduct of on-site inspections, or

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

132Powers

  1. An AML/CFT supervisor has all the powers necessary to carry out its functions under this Act or regulations.

  2. Without limiting the power conferred by subsection (1), an AML/CFT supervisor may,—

  3. on notice, require production of, or access to, all records, documents, or information relevant to its supervision and monitoring of reporting entities for compliance with this Act; and
    1. conduct on-site inspections in accordance with section 133; and
      1. provide guidance to the reporting entities it supervises by—
        1. producing guidelines; and
          1. preparing codes of practice in accordance with section 63; and
            1. providing feedback on reporting entities' compliance with obligations under this Act and regulations; and
              1. undertaking any other activities necessary for assisting reporting entities to understand their obligations under this Act and regulations, including how best to achieve compliance with those obligations; and
              2. co-operate and share information in accordance with sections 46, 48, and 137 to 140 by communicating or making arrangements to communicate information obtained by the AML/CFT supervisor in the performance of its functions and the exercise of its powers under this Act; and
                1. in accordance with this Act and any other enactment, initiate and act on requests from any overseas counterparts; and
                  1. approve the formation of, and addition of members to, designated business groups.

                    1. An AML/CFT supervisor may only use the powers conferred on it under this Act and regulations for the purposes of this Act.

                    2. Nothing in this section requires any person to disclose any privileged communication.

                    Notes
                    • Section 132(1): amended, on , by section 47(1) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                    • Section 132(4): inserted, on , by section 47(2) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).