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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

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

134: Delegation of supervisory function and powers

You could also call this:

"When someone in charge gives you special jobs or powers to help stop money laundering"

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

You can be given some jobs and powers by an AML/CFT supervisor if you have the right training or experience. The AML/CFT supervisor can give you the job of investigating the entities it supervises, as stated in section 131(d). You can also be given some powers, as stated in section 132(2)(a) and (b), but only for investigating. When an AML/CFT supervisor gives you a job or power, it must be in writing and can have some restrictions. The AML/CFT supervisor can also take back the job or power at any time by giving you written notice. You must do the job or use the power in the same way as the AML/CFT supervisor would, unless the supervisor says otherwise. You must tell the AML/CFT supervisor if you have a conflict of interest and manage it properly. You must not tell anyone else any information you get from doing the job or using the power, except the AML/CFT supervisor.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2353135.

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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

134Delegation of supervisory function and powers

  1. An AML/CFT supervisor may delegate the following function and powers to a person who, by reason of his or her training or experience, is suitably qualified to perform that function and exercise those powers:

  2. its function under section 131(d) of investigating the reporting entities it supervises:
    1. its powers under section 132(2)(a) and (b), for the purpose only of performing the function of investigation under section 131(d).

      1. A delegation under subsection (1)—

      2. must be made by the chief executive of the AML/CFT supervisor in writing; and
        1. may be made subject to any restrictions and conditions that the AML/CFT supervisor thinks fit; and
          1. may be revoked at any time by written notice to the delegate.

            1. A person to whom a function or power of the AML/CFT supervisor is delegated under this section—

            2. may, unless the delegation provides otherwise, perform the function or exercise the power in the same manner, and with the same effect, as if the delegate were the AML/CFT supervisor; and
              1. must disclose to the AML/CFT supervisor and manage appropriately any conflict of interest that might arise in relation to the performance of the function or exercise of the power; and
                1. must not disclose any information obtained under subsection (1) other than to the AML/CFT supervisor.

                  Notes
                  • Section 134(1)(b): amended, on , by section 10 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2013 (2013 No 106).