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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Institutional arrangements and miscellaneous provisions - Miscellaneous provisions - Regulations

153: Regulations

You could also call this:

"Rules made by the Governor-General to help stop money laundering and terrorism financing"

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

The Governor-General can make rules for things like customer checks and record-keeping. You need to know what these rules are so you can follow them. The rules can be about things like what information to collect from customers and how to keep records. The Governor-General can also make rules about things like what documents are needed and how to give notices. You can find more information about how these rules are published in Part 3 of the Legislation Act 2019. These rules are important for stopping money laundering and terrorism financing. The Governor-General can make rules for other things too, like what information to include in records and how to trace transactions, as mentioned in section 27(1). The rules can also be about things like formal warnings and disclosing personal information. The Governor-General can make rules for anything that is needed to make the Anti-Money Laundering and Countering Financing of Terrorism Act work properly.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2141061.

Topics:
Money and consumer rights > Consumer protectionCrime and justice > Police and safety
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152: Functions, or

"The committee's job is to help stop money laundering and terrorism financing by sharing information and working together."

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154: Regulations relating to application of Act, or

"Rules about how the Anti-Money Laundering Act is applied"

Part 4Institutional arrangements and miscellaneous provisions
Miscellaneous provisions: Regulations

153Regulations

  1. The Governor-General may, by Order in Council, make regulations for all or any of the following purposes:

  2. prescribing requirements (generic and sector-specific) for standard, simplified, enhanced, and ongoing customer due diligence and any other AML/CFT requirements, including, but not limited to, the following:
    1. information to be provided or obtained for the purposes of identification and verification:
      1. the circumstances in which a particular type of customer due diligence must be conducted:
        1. specifying entities or classes of entities, or products, services, or transactions for which a reporting entity may conduct simplified customer due diligence:
          1. the conditions in which third parties may be relied on to conduct customer due diligence:
            1. the conditions on which a member of a designated business group may adopt an AML/CFT programme of another member of the group and share and use the policies, controls, and procedures of that programme:
              1. the circumstances in which corporations are deemed to be affiliated:
                1. the factors that a reporting entity must have regard to when assessing risk:
                2. prescribing instruments to be bearer-negotiable instruments for the purposes of this Act:
                  1. prescribing the forms of, and the information to be included in, applications, warrants, reports, and other documents required under this Act:
                    1. prescribing amounts or thresholds that are required to be prescribed for the purposes of this Act or regulations (and 1 or more amounts or thresholds may be prescribed for the purposes of different provisions of this Act or regulations):
                      1. prescribing the information to be included in records and the manner in which records are to be kept by reporting entities, or any specified class or classes of reporting entities:
                        1. prescribing other identifying information that allows a transaction to be traced back to the originator for the purposes of section 27(1):
                          1. prescribing the manner in which any notice, report, or other document required by this Act is to be given or served:
                            1. prescribing for the form of a formal warning and the manner in which it must be issued:
                              1. specifying Acts for which disclosure of personal information may be made by an AML/CFT supervisor for the purposes of the detection, investigation, and prosecution of offences under the specified Act:
                                1. providing for any other matters contemplated by this Act or necessary for its administration or necessary for giving it full effect.

                                  1. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

                                  Compare
                                  Notes
                                  • Section 153(1)(d): replaced, on , by section 60 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                                  • Section 153(2): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).