Regulatory Alerts2022-05-17
AML/CFT Supervisory Framework
The Reserve Bank of New Zealand, the Financial Markets Authority, and the Department of Internal Affairs jointly administer the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 to supervise reporting entities across financial and designated non-financial sectors. This framework establishes shared objectives to detect and deter money laundering, maintain public confidence, and enhance New Zealand's international reputation through coordinated supervision by the National Co-ordination Committee and the Sector Supervisors Forum. Supervisors employ a risk-based, principles-based approach utilizing guidance, inspections, and a regulatory pyramid of enforcement tools ranging from education to criminal prosecution to ensure compliance with statutory obligations and FATF standards.