Money Laundering

Money laundering is illegal in New Zealand. The money laundering rules are set out in the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). Breach of these rules can give rise to both civil and criminal liability.

The anti-money laundering regime imposes a number of anti-money laundering and counter-terrorism measures (including customer due diligence, reporting, record-keeping duties, and surveillance and enforcement powers).

The AML/CFT Act applies to financial institutions (broadly defined), casinos, accountants, lawyers and conveyancing practitioners, trust or company service providers, real estate agents, high value dealers (eg auctioneers and bullion dealers) and the Racing Industry Training Agency.

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