Regulatory Alerts2022-05-17
New regulation for nominee directors and nominee general partners
The Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Amendment Regulations 2021 introduce a new customer due diligence obligation for nominee directors and nominee general partners. The Reserve Bank of New Zealand, Financial Markets Authority, and Department of Internal Affairs will focus on assisting compliance during a transitional period that runs until 29 April 2022. Full compliance is mandatory from 9 July 2021, with non-compliance after the transitional period constituting a breach of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
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