1. Are there any sanctions imposed against New Zealand?
There are no sanctions imposed against New Zealand.
2. What are the regulated institutions in New Zealand?
Financial and non-financial institutions are regulated, such as banks, financial markets, investment firms, investment management companies, lawyers in New Zealand.
3. Who are the local regulatory authorities in New Zealand, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
Department of Internal Affairs, the Reserve Bank of New Zealand, and the Financial Markets Authority.
4. What is the status of New Zealand's FATF?
According to the latest Mutual Assessment Report conducted by the Financial Action Task Force in New Zealand, New Zealand was Largely Compliant for 17 of the FATF 40 + 9 Recommendations and Partially Compliant or Not Compliant for 1 of 6 Core Recommendations.
5. Which global regulations New Zealand have to comply with?
New Zealand is a FATF member since 1991. Also, New Zealand signed the United Nations Convention Against Corruption in December 2003, accepting its obligations under the agreement. According to Article 14 of the Convention, States Parties should implement comprehensive AML measures and use international and regional AML bodies standards as, particularly FATF.
6. What are the AML obligations of the businesses in New Zealand?
In New Zealand, under the Crimes Act and the Secret Commission Act, In private and public sectors is prohibited active and passive bribery. Someone who commits any act of bribery may be sentenced to 14 years in prison.
7. What are the local AML laws and regulations in New Zealand?
Anti-Money Laundering and Anti-Terrorism Act 2009.
8. What are the penalties for failure to comply with Anti-Money Laundering law in New Zealand?
In New Zealand, penalties implement to individuals and organizations that substantially violate the law. Under these penalties, businesses may be fined up to $ 5 million for non-compliance with AML / CFT obligations, not reporting any risk of money laundering, or providing false information. This fine may be determined as a fine of up to $ 300,000 or a prison sentence of up to 2 years for individuals.
9. What are the contact details of the relevant regulators in New Zealand?
10. Are violations of anti-money laundering obligations also subject to criminal sanctions in New Zealand?
Yes. In New Zealand, Institutions are obliged to the Anti-Money Laundering and Anti-Terrorism Act 2009. Companies that do not comply with AML obligations in the Act, may be subject to fines or imprisonment.
11. What can oblige institutions do to prevent money laundering and to comply with AML regulations in New Zealand?
New Zealand is not a risky country for Money laundering and terrorist financing. In New Zealand, corruption risk for businesses is minimum. Critic measures are taken in the country to prevent money laundering and terrorist financing.
All institutions have to comply with AML/CTF obligations. Therefore, organizations in New Zealand need to have a solid understanding of regulations and follow these frequently changing regulations. Having AML solutions for companies will protect them from criminal sanctions. Institutions must completely implement Know Your Customer, Customer Due Diligence, Transaction Screening, and Transaction Monitoring processes.
Sanction Scanner offers AML solutions for the needs of businesses in more than 200 countries. With Sanction Scanner, AML solutions, all New Zealand organizations can take the necessary measures in line with their obligations. For more detailed information, you can
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