Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698942861561.pdf (New Zealand)
2011/225 Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Regulations 2011 Anand Satyanand, Governor-General Order in Council At Wellington this 27th day of June 2011 Present: His Excellency the Governor-General in Council Pursuant to sections 14(d), 18(2)(f), 23(b), 27(2), 60(2)(c), and 153 of the Anti-Money Laundering and Countering Financing of Terror- ism Act 2009, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the fol- lowing regulations.
Contents Title Commencement Interpretation Standard customer due diligence Existing anonymous accounts: other circumstances 1 2 3 4 Page 2 2 2 2 1 r 1 Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Regulations 2011 2011/225 Simplified customer due diligence Entities that are customers for purposes of section 18(1) of Act Enhanced customer due diligence Identity requirements: additional information about beneficiaries of trusts Other identifying information prescribed in relation to domestic wire transfers Annual AML/CFT report Prescribed information to be contained in annual AML/CFT report Schedule Information that must be contained in annual AML/CFT report 3 3 4 4 4 Regulations Title These regulations are the Anti-Money Laundering and Coun- tering Financing of Terrorism (Requirements and Compliance) Regulations 2011.
Commencement These regulations come into force on 30 June 2013.

Interpretation In these regulations, unless the context otherwise requires, Act means the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
Standard customer due diligence Existing anonymous accounts: other circumstances For the purposes of section 14(d) of the Act, as soon as prac- ticable after a reporting entity becomes aware that an existing account is anonymous, a circumstance occurs in which the re- porting entity must conduct standard customer due diligence in respect of that account.
5 6 7 8 1 2 3 4 2 2011/225 Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Regulations 2011 r 6 Simplified customer due diligence 5 (1) Entities that are customers for purposes of section 18(1) of Act For the purposes of section 18(1) of the Act, each of the fol- lowing persons is a customer: (a) (b) (c) (d) (e) a statutory supervisor or trustee appointed under section 48 of the Securities Act 1978, when it acts for itself: a trustee corporation, within the meaning of section 2(1) of the Administration Act 1969, when it acts for itself: a Crown entity: an organisation named in Schedule 4 of the Public Fi- nance Act 1989: a government body that— (i) corresponds to a government department named in Schedule 1 of the State Sector Act 1988; and is located in an overseas jurisdiction with suffi- cient anti-money laundering and countering fi- nancing of terrorism systems and measures in place.
(ii) (2) In this regulation, Crown entity has the same meaning as in section 7(1) of the Crown Entities Act 2004.

Enhanced customer due diligence 6 (1) (2) Identity requirements: additional information about beneficiaries of trusts In the case of a customer that is a trust other than a trust to which subclause (2) applies, a reporting entity must obtain, under section 23(b) of the Act, the name and the date of birth of each beneficiary of the trust.
If the customer is a trust that is a discretionary trust or a charit- able trust or that has more than 10 beneficiaries, the reporting entity must obtain a description of— (a) (b) each class or type of beneficiary: if the trust is a charitable trust, the objects of the trust.
3 r 7 7 8 Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Regulations 2011 2011/225 Other identifying information prescribed in relation to domestic wire transfers Any information that enables the transaction itself to be identi- fied and traced to the originator is prescribed to be other identi- fying information for the purposes of section 27(2) of the Act.
Annual AML/CFT report Prescribed information to be contained in annual AML/CFT report An annual AML/CFT report must contain the information set out in the Schedule.
Schedule Information that must be contained in annual AML/CFT report r 8 An annual report under section 60 of the Act must contain the fol- lowing information: (a) a list of the types of relevant activities in which the reporting entity engages: the sector in which the reporting entity operates in terms of section 130(1) of the Act: every name of each of the reporting entity’s branches and sub- sidiaries in another country and the name of the country in which each of those branches and subsidiaries is located: if applicable, a description of the designated business group of which the reporting entity is a member, for the purposes of the Act: every name of each of the parties in correspondent banking relationships of which the reporting entity is a member: a description of the reporting entity’s risk assessment: a description of the reporting entity’s compliance with the fol- lowing matters: (i) (ii) any conditions on exemptions: enforceable undertakings: (b) (c) (d) (e) (f) (g) 4 2011/225 Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Regulations 2011 Schedule (h) (i) (j) (k) (l) (m) (n) information about the procedures for the appointment of an AML/CFT compliance officer (including details of internal re- porting, and senior management oversight arrangements): information about the procedures for vetting or risk screening of employees and senior managers with AML/CFT responsi- bilities: information about the procedures for AML/CFT training for employees and senior managers with AML/CFT responsibil- ities: information about the record-keeping procedures: information about the procedures for regular internal review and biennial independent audit of the risk assessment and AML/CFT programme: a description of how supervisory and Financial Intelligence Unit feedback (including, for example, guidance and codes of practice, conditions on exemptions, and enforceable undertak- ings) has been incorporated into the risk assessment and elem- ents of the programme as is relevant: a
 description of the different types of customer due diligence applied in different circumstances based on consideration of each of the following: (i) the goods and services offered and the delivery mech- anisms (including for example, new technologies) for those goods and services: relevant business relationship arrangements (including, for example, correspondent banking arrangements): customer characteristics, including, but not limited to, customer type and country of domicile (including, for example, politically exposed persons): interactions of different customer, business relation- ship, and product categories: (ii) (iii) (iv) (o) (p) information about the procedures for the management of dis- crepancies arising during the course of an inability to complete customer due diligence: a description of the arrangements for the reporting entity’s reliance on other reporting entities’ agents, third parties, or persons in another country, for conducting and providing cus- tomer due diligence: 5 Explanatory note Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Regulations 2011 2011/225 (q) (r) the procedures for transaction and account activity monitoring to detect suspicious activity: the procedures for reporting suspicious transactions to the Fi- nancial Intelligence Unit.
Rebecca Kitteridge, Clerk of the Executive Council.

Explanatory note This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on 30 June 2013, supple- ment certain of the provisions in Part 2 of the of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act) (which relate to requirements and compliance).
In particular, these regulations— • require a reporting entity to conduct standard customer due diligence on existing anonymous accounts as soon as practic- able after it becomes aware of the fact (regulation 4): specify the class of entities that are customers for the purposes of section 18(1) of the Act, which relates to the circumstances in which a reporting entity may conduct simplified customer due diligence (regulation 5): prescribe the additional information that a reporting entity must obtain for a customer that is a trust (regulation 6): state that, in relation to domestic wire transfers, any informa- tion that enables a transaction itself to be identified and traced to the originator is prescribed as other identifying information for the purposes of section 27(2) of the Act (regulation 7): set out the information that an annual AML/CFT report must contain (regulation 8 and the Schedule).
• • • • 6 2011/225 Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Regulations 2011 Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 30 June 2011.

These regulations are administered by the Ministry of Justice.

12 Wellington, New Zealand: Published under the authority of the New Zealand Government—2011 7