Regulatory Alerts2024-10-03
Guidance on Wire Transfer Regulations 2024 under the AML/CFT Act
New Zealand AML/CFT Supervisors issued this guidance to clarify obligations under regulations effective 1 June 2024 regarding international wire transfers. Ordering institutions must now include specific originator and beneficiary details for transfers under $1,000 and retain beneficiary records for five years. Intermediary and beneficiary institutions are required to implement risk-based procedures to handle missing information and maintain records for five years if technical limitations prevent data transmission.
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