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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Institutional arrangements and miscellaneous provisions - Institutional arrangements - Use and disclosure of information

137: Power to use information obtained as AML/CFT supervisor in other capacity and vice versa

You could also call this:

"Government agencies can share information between jobs to help stop money laundering."

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

The Reserve Bank can use information it has for one job to help with another job. It can use information from the Reserve Bank of New Zealand Act 2021, the Banking (Prudential Supervision) Act 1989, the Insurance (Prudential Supervision) Act 2010, the Financial Market Infrastructures Act 2021, and the Non-bank Deposit Takers Act 2013 to help with its job under this Act. You can think of it like the Reserve Bank having different hats it wears for different jobs, and it can share information between those hats. The Financial Markets Authority can also use information it has for one job to help with another job. It can use information from the Financial Markets Authority Act 2011, the Financial Market Infrastructures Act 2021, and the Financial Markets Conduct Act 2013 to help with its job under this Act. This means the Financial Markets Authority can also share information between its different hats. The Department of Internal Affairs can use information it has for one job to help with another job. It can use information from the Gambling Act 2003, the Racing Industry Act 2020, and the Charities Act 2005 to help with its job under this Act. This means the Department of Internal Affairs can also share information between its different hats.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2141041.

Topics:
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136: Effect of delegation, or

"Delegating a task doesn't stop the supervisor from doing their job, and you're still protected if you get a delegated task."

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138: Restriction on power to use information under section 137, or

"Only use information if the person giving it knew why it was needed."

Part 4Institutional arrangements and miscellaneous provisions
Institutional arrangements: Use and disclosure of information

137Power to use information obtained as AML/CFT supervisor in other capacity and vice versa

  1. This section applies to information other than personal information.

  2. The Reserve Bank may use any information obtained or held by it in the exercise of its powers or the performance of its functions and duties under the Reserve Bank of New Zealand Act 2021, the Banking (Prudential Supervision) Act 1989, the Insurance (Prudential Supervision) Act 2010, the Financial Market Infrastructures Act 2021, and the Non-bank Deposit Takers Act 2013 for the purpose of exercising its powers or performing its functions and duties under this Act as an AML/CFT supervisor.

  3. The Reserve Bank may use any information obtained or held by it in the exercise of its powers or the performance of its functions and duties under this Act as an AML/CFT supervisor for the purpose of exercising its powers or performing its functions and duties under the Reserve Bank of New Zealand Act 2021, the Banking (Prudential Supervision) Act 1989, the Insurance (Prudential Supervision) Act 2010, the Financial Market Infrastructures Act 2021, and the Non-bank Deposit Takers Act 2013.

  4. The Financial Markets Authority may use any information obtained or held by it in the exercise of its powers or the performance of its functions and duties under the Financial Markets Authority Act 2011, the Financial Market Infrastructures Act 2021, and the Financial Markets Conduct Act 2013 for the purpose of exercising its powers or performing its functions and duties under this Act as an AML/CFT supervisor.

  5. The Financial Markets Authority may use any information obtained or held by it in the exercise of its powers or the performance of its functions and duties under this Act as an AML/CFT supervisor for the purpose of exercising its powers or performing its functions and duties under the Financial Markets Authority Act 2011, the Financial Market Infrastructures Act 2021, and the Financial Markets Conduct Act 2013.

  6. The Department of Internal Affairs may use any information obtained or held by it in the exercise of its powers or the performance of its functions and duties under the Gambling Act 2003, the Racing Industry Act 2020, and the Charities Act 2005 for the purpose of exercising its powers or performing its functions and duties under this Act as an AML/CFT supervisor.

  7. The Department of Internal Affairs may use any information obtained or held by it in the exercise of its powers or the performance of its functions and duties under this Act as an AML/CFT supervisor for the purpose of exercising its powers or performing its functions and duties under the Gambling Act 2003, the Racing Industry Act 2020, and the Charities Act 2005.

Notes
  • Section 137(2): amended, on , by section 300(1) of the Reserve Bank of New Zealand Act 2021 (2021 No 31).
  • Section 137(2): amended, on , by section 162 of the Financial Market Infrastructures Act 2021 (2021 No 13).
  • Section 137(2): amended, on , by section 49(1) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
  • Section 137(3): amended, on , by section 300(1) of the Reserve Bank of New Zealand Act 2021 (2021 No 31).
  • Section 137(3): amended, on , by section 162 of the Financial Market Infrastructures Act 2021 (2021 No 13).
  • Section 137(3): amended, on , by section 49(2) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
  • Section 137(4): substituted, on , by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).
  • Section 137(4): amended, on , by section 162 of the Financial Market Infrastructures Act 2021 (2021 No 13).
  • Section 137(4): amended, on , by section 98 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
  • Section 137(4): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
  • Section 137(5): substituted, on , by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).
  • Section 137(5): amended, on , by section 162 of the Financial Market Infrastructures Act 2021 (2021 No 13).
  • Section 137(5): amended, on , by section 98 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
  • Section 137(5): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
  • Section 137(6): amended, on , by section 129 of the Racing Industry Act 2020 (2020 No 28).
  • Section 137(6): amended, on , by section 49(3) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
  • Section 137(7): amended, on , by section 129 of the Racing Industry Act 2020 (2020 No 28).
  • Section 137(7): amended, on , by section 49(4) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).