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The first phase of New Zealand’s anti-money laundering regime came into force on 30 June 2013. Since then, most Financial Institutions became "Reporting Entities" and have been required to comply with the requirements of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 ('Act"). The regime continues to have a significant impact on a wide range of Reporting Entities including banks, finance companies, non-bank deposit takers, many other businesses and their customers.
The AML/CFT regime is evolving with Reporting Entities being required to comply with Prescribed Transaction Reporting requirements from 1 November 2017. A number of new non-financial businesses or professionals will become Reporting Entities as part of the second phase of the Act through the AML/CFT Amendment Bill when passed. The Bill is expected to be passed in mid-2017 and will redefine Reporting Entities as:
Existing and new Reporting Entities have a number of steps to complete to be compliant with the requirements of the Act. These include completing a Risk Assessment and developing an AML/CFT Programme of policies, procedures and controls.
*These new "designated non-financial business or profession" Reporting Entities will be required to comply to the extent that they carry out related activities including acting as a formation agent of legal persons or arrangements, providers of registered office or business address, managing client funds, providing real estate services or conveyancing. Please note this is not a full list of activities.
PwC has a full AML/CFT service offering led from our Forensic Services practice, to assist clients comply with their obligations under the Act. Our AML experience is drawn from more than a decade of providing comprehensive AML/CFT Advisory and Audit services. Our expertise draws upon our local experience and the decades of AML expertise from the global PwC network.
Our services include: