
New Zealand to Update AML/CFT Regulation from 9 July 2021

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Among other changes, reporting entities have been directed to conduct customer due diligence on nominee directors and nominee general partners of companies.
To enhance the current money laundering laws of the country, New Zealand’s government is planning to introduce updates in the AML/CFT (Anti-Money Laundering and Counter Financing of Terrorism) system starting from July 9, 2021.
The decision has surfaced as two key regulations of the AML/CFT system were set to expire. Namely, the AML/CFT Exemptions were scheduled for expiry on June 30, 2020, while AML/CFT Definitions Regulation 2011 partially expired on July 27, 2021.
The cabinet has agreed to make amendments to the Exemption Regulations, the Requirements and Compliance Regulations, and the Definitions Regulations.
The changes mentioned in the document published on the Ministry of Justice’ website are summarised below.
In-depth detail regarding Anti-Money Laundering and Countering Financing of
Terrorism regulations update can be viewed here.
Suggested Read: FATF Highlights the Gaps in New Zealand’s AML Measures