Regulatory Alerts2022-02-27
The Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Amendment Regulations 2021
The Reserve Bank of New Zealand, Financial Markets Authority, and Department of Internal Affairs issued the Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Amendment Regulations 2021 to impose new customer due diligence obligations on reporting entities for nominee directors and nominee general partners. These regulations commenced on 9 July 2021, with a transitional compliance period extending until 29 April 2022 during which regulators will focus on assisting entities with process amendments and raising awareness. Non-compliance after this period constitutes a breach of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
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