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 to determine which businesses qualify as reporting entities. It establishes that entities incorporated in New Zealand carrying out financial activities wholly overseas are exempt, while overseas entities registered under the Companies Act 1993 conducting such activities in New Zealand are subject to compliance obligations. Conversely, overseas entities not required to register under the Companies Act are generally unlikely to be considered reporting entities under the Act.
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