Regulatory Alerts2022-05-17
Interpreting Ordinary Course of Business Guideline
New Zealand AML/CFT supervisors issued this guideline to clarify the meaning of "ordinary course of business" for determining reporting entity status under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The document outlines six key factors for assessment, including whether an activity is normal, frequent, regular, involves significant financial scale, generates revenue, or consumes substantial resources. Businesses unsure of their status are advised to consider these factors collectively and seek professional legal advice or contact their specific supervisor for assistance.
Share