Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698836240978.pdf (New Zealand)
Reprint as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2014 (LI 2014/142) Pursuant to section 157(1) of the Anti-Money Laundering and Coun- tering Financing of Terrorism Act 2009, the Minister of Justice gives the following notice,— (a) having had regard to the matters specified in section 157(3) of that Act; and having consulted in accordance with section 158 of that Act.
Title Commencement Interpretation Application Class exemptions Contents Schedule Class exemptions Page 2 2 2 2 2 3 (b) Note Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This notice is administered by the Ministry of Justice.
1 cl 1 1 2 3 Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2014 Reprinted as at 1 December 2014 Notice Title This notice is the Anti-Money Laundering and Countering Fi- nancing of Terrorism (Class Exemptions) Notice 2014.

Commencement This notice comes into force on the day after the date of its notification in the Gazette.
Interpretation In this notice, unless the context otherwise requires,— Act means the Anti-Money Laundering and Countering Finan- cing of Terrorism Act 2009 trustee company has the same meaning as in section 2 of the Trustee Companies Act 1967.

Application 4 (1) A class exemption applies on and from the date specified in the Part of the Schedule setting out the particulars of that class exemption.
(2) A class exemption expires on the date specified in the Part of the Schedule setting out the particulars of that class exemption and that Part is revoked on that date.

Class exemptions The class exemptions granted under section 157(1) of the Anti- Money Laundering and Countering Financing of Terrorism Act 2009 are set out in the Schedule.
5 2 Reprinted as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2014 Schedule Class exemptions Schedule cl 5 Part 1 Public Trust, Māori Trustee, and trustee companies Part 2 Superannuation schemes allowing contributions during un- paid leave of absence Part 1 Public Trust, Māori Trustee, and trustee companies 1 2 As the Minister of Justice, and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terror- ism Act 2009 (the Act), I exempt the Public Trust, the Māori Trustee, and each trustee company within the meaning of the Trustee Companies Act 1967 (collectively referred to as the statutory trustee corporations) in respect of the classes of transactions listed at paragraph 2 below from the following provisions of the Act: (a) (b) (c) (d) The exemption applies to— (a) sections 5 to 39; and section 49(3); and sections 50 to 91; and sections 101 to 163. the statutory trustee corporations in respect of the fol- lowing personal trust services: (i) acting as an agent to reseal overseas probate or letters of administration in New Zealand: acting as a property manager under the Protection of Personal and Property Rights Act 1988: acting as a court-appointed trustee, agent, or re- ceiver (for example, as absentee owner of miss- ing property): acting as a guardian for a minor as required by court order: acting as a trustee of a funeral trust that does not provide for any cooling-off period or for the (ii) (iii) (iv) (v) 3 Schedule Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2014 Reprinted as at 1 December 2014 Part 1—continued (vi) ability to withdraw funds prior to the settlor or testator’s death: drafting any will, power of attorney, or trust documentation where required to do so by court order or by operation of statute: (vii) acting as a property attorney under an enduring power of attorney where required to do so by court order or by operation of statute: (b) (c) the Public Trust in respect
 of the personal trust service of being appointed to act as trustee, agent, manager, or receiver by operation of statute (for example, having money paid to the Public Trust pursuant to the Local Government (Rating) Act 2002): the Māori Trustee in respect of the following personal trust services: (i) acting as statutory trustee in respect of Māori land: acting as a trustee, agent, or other fiduciary for Māori, or in respect of any Māori land or other interests, in the exercise or performance of its duties, functions, and powers by operation of statute.
(ii) In this exemption, personal trust services— (a) means services provided by the statutory trustee cor- porations in a fiduciary capacity to individuals or the groups listed at clause 2; but excludes any services provided by the statutory trustee corporations in their capacities as trustees or super- visors in respect of an issue of securities to the public or activities related to the issue of securities.

(b) This exemption is not subject to any conditions.
This exemption has been made for the following reasons: (a) there is a low risk of money laundering and terrorism fi- nancing through the statutory trustee corporations when they are providing personal trust services, because— (i) the statutory trustee corporations operate within a heavily regulated environment that includes re- 3 4 5 4 Reprinted as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2014 Schedule Part 1—continued (ii) (iii) quirements to provide services by court order or by operation of statute; and the court, when requiring the statutory trustee corporations to provide services by court order, subjects the engagement of services to a unique supervisory element; and the continued imposition of suspicious trans- action reporting obligations will adequately address the risk of money laundering and terror- ism financing in the circumstances; and the obligations imposed on the statutory trustee corpor- ations would be disproportionate given the low risk of money laundering or terrorism financing in the circum- stances outlined in this exemption.
(b) 6 7 1 2 3 This exemption comes into force on the day after the date of its notification in the Gazette.

This exemption will expire on 30 June 2018.

Part 2 Superannuation schemes allowing contributions during unpaid leave of absence As the Minister of Justice, and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terror- ism Act 2009 (the Act), I exempt specified services that allow regular leave of absence contributions from all provisions of the Act.
I also exempt persons promoting or operating a superannu- ation scheme, KiwiSaver scheme, or workplace savings scheme that has been granted an exemption pursuant to section 157 of the Act from the following condition in the exemption: that any mechanism for voluntary contributions other than through payroll must be removed from the trust deed, to the extent that the trust deed may allow (or be amended to allow) regular leave of absence contributions.
For the purposes of this ministerial exemption,— 5 Schedule Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2014 Reprinted as at 1 December 2014 Part 2—continued pre-transition KiwiSaver scheme means a KiwiSaver scheme that continues to be registered in the KiwiSaver schemes register under clause 18(1)(a) of Schedule 4 of the Financial Markets Conduct Act 2013 pre-transition superannuation scheme means a superannu- ation scheme that continues to be registered under the Super- annuation Schemes Act 1989 under clause 18(1)(b) of Sched- ule 4 of the Financial Markets Conduct Act 2013 regular leave of absence contributions means contributions made by a member to a scheme during a permitted period of unpaid leave of absence specified service means a service provided in respect of promoting or operating a superannuation scheme, KiwiSaver scheme, or workplace savings scheme that would be exempt from the Act, by reason of complying with regulation 20A of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 (the exemption regulations), but for the fact that the scheme allows regular leave of absence contributions and so does not comply with clause (d) of the definition of limited employer superannu- ation scheme in regulation 20A of the exemption regulations.
superannuation scheme— (a) has the same meaning as in section 6(1) of the Financial Markets Conduct Act 2013; and includes a pre-transition KiwiSaver scheme and a pre- transition superannuation scheme (b) This exemption is subject to the conditions set out in clauses 5 to 7.
The conditions in relation to the regular leave of absence con- tributions are that— (a) the employer or the scheme’s administrator collects those contributions; and the contributions do not exceed (as to either amount or frequency) the contributions that were being paid by the relevant member in accordance with the trust deed for the scheme immediately prior to the member commenc- ing leave of absence.
(b) 4 5 6 Reprinted as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2014 Schedule Part 2—continued 6 7 8 (b) (c) Where any regular leave of absence contributions are received from international sources during the permitted period of un- paid leave of absence, the following sections of the Act apply to such contributions: (a) sections 10 to 17 (and, for the purposes of section 14(d), the receipt of a contribution from an international source is specified as a circumstance in which standard customer due diligence must be conducted); and sections 40 to 48; and where the transaction is relevant to a suspicious trans- action report, sections 49(1) and (2)(a) to (f); and sections 92 to 100.
(d) Where any withdrawals are made by a member in addition to that member making regular leave of absence contributions during the permitted period of unpaid leave of absence, the following sections of the Act apply to such withdrawals and contributions: (a) sections 10 to 17 of the Act (and, for the purposes of section 14(d) of the Act, the first such withdrawal is specified as a circumstance in which standard customer due diligence must be conducted); and sections 40 to 48 of the Act; and where the transaction is relevant to a suspicious trans- action report, section 49(1) and (2)(a) to (f) of the Act; and sections 92 to 100 of the Act.
(d) The exemption has been granted for the following reasons: (a) (b) (c) there is a very low risk of money laundering or ter- rorism financing (because the proposed classes of per- sons providing the services of promoting or operating superannuation schemes would already be exempt from the Act either under regulation 20A of the exemption regulations or by way of individual ministerial exemp- tions under section 157 of the Act if the superannuation schemes did not allow regular leave of absence contri- butions); and 7 Schedule Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2014 Reprinted as at 1 December 2014 Part 2—continued (b) (c) (d) (e) an unintended consequence of the exemptions de- scribed under paragraph (a) is that, if the schemes did not allow regular leave of absence contributions, mem- bers would be adversely affected due to their inability to continue making contributions during a period of unpaid leave of absence; and the conditions address any risks posed by contributions outside of payroll, and contributions from international sources or cycling of funds through the scheme during the permitted period of unpaid leave of absence; and owing to the very low money laundering and terrorism financing risks raised by the schemes and the significant compliance costs that would arise from not granting this exemption, any benefits of requiring compliance with the Act are not justified given the associated costs; and this exemption is consistent with (and has no effect on the purpose or intent of) the Act, the Financial Trans- actions Reporting Act 1996, and New Zealand’s inter- national obligations as a member of the Financial Ac- tion Task Force and the Asia Pacific Group on Money Laundering.
9 This exemption comes into force on the day after the date of its notification in the Gazette.

This exemption will expire on 30 June 2018.

10 Schedule Part 2 clause 2: amended, on 1 December 2014, by clause 4(1) of the Anti- Money Laundering and Countering Financing of Terrorism (Class Exemptions) Amend- ment Notice 2014 (LI 2014/358).
Schedule Part 2 clause 3 pre-transition KiwiSaver scheme: inserted, on 1 December 2014, by clause 4(3) of the Anti-Money Laundering and Countering Financing of Ter- rorism (Class Exemptions) Amendment Notice 2014 (LI 2014/358).

Schedule Part 2 clause 3 pre-transition superannuation scheme: inserted, on 1 De- cember 2014, by clause 4(3) of the Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Amendment Notice 2014 (LI 2014/358).
Schedule Part 2 clause 3 specified service: amended, on 1 December 2014, by clause 4(2) of the Anti-Money Laundering and Countering Financing of Terrorism (Class Ex- emptions) Amendment Notice 2014 (LI 2014/358).

Schedule Part 2 clause 3 superannuation scheme: inserted, on 1 December 2014, by clause 4(3) of the Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Amendment Notice 2014 (LI 2014/358).
8 Reprinted as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2014 Dated at Wellington this 28th day of April 2014.

Judith Collins, Minister of Justice.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 1 May 2014.


9 Notes Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2014 Reprinted as at 1 December 2014 Reprints notes 1 2 3 General This is a reprint of the Anti-Money Laundering and Counter- ing Financing of Terrorism (Class Exemptions) Notice 2014 that incorporates all the amendments to that notice as at the date of the last amendment to it.
Legal status Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment.

Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act.

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See also http://www.pco.parliament.govt.nz/editorial-conven- tions/.

4 Amendments incorporated in this reprint Anti-Money Laundering and Countering Financing of Terrorism (Class Exemp- tions) Amendment Notice 2014 (LI 2014/358) 12 10 Wellington, New Zealand: Published under the authority of the New Zealand Government—2014