Regulatory Alerts2022-05-17
Territorial Scope of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009
This guideline clarifies the territorial application of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 for reporting entities such as financial institutions and designated non-financial businesses. It establishes that entities incorporated in New Zealand or overseas persons carrying on business within New Zealand are subject to the Act's compliance obligations when conducting specified activities locally. Conversely, entities operating wholly outside New Zealand or overseas persons not conducting business in the country are generally excluded from these specific regulatory requirements.
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