Anti-Money Laundering and Countering Financing of Terrorism Act 2009

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act") comes into force on 30 June 2013. 

The New Zealand Government has issued a press release at: http://www.beehive.govt.nz/release/internal-affairs-combats-money-laundering.

Financial institutions and other reporting entities are caught by the stringent requirements, compliance procedures and ongoing obligations as outlined under the Act.

You may have a quick look at the Act to get a feel for the seriousness and implications of non compliance at: http://www.legislation.govt.nz/act/public/2009/0035/latest/DLM2140720.html. 

For instance the reporting entity will be required to carry out a customer due diligence to iron out any potential for breach under the Act.  There are also record keeping requirements.

It may be a good idea to look out for seminars and workshops to enhance ones understanding of the statutory requirements and obligations to avoid penalties and conviction under the Act.  Interestingly, the Act allows for both criminal and civil enforcement which may be run concurrently with exceptions.

Section 118 of the Act outlines the powers under the search warrant and obligations of a person who is called upon to assist with searches.

The above summary shows the Act may have serious application to both individuals as well as businesses. 

If not sure, please seek assistance.