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Cleaning up on money laundering...

The Anti- Money Laundering and Countering Financing of Terrorism regime came into full effect on 30 June 2013.

Money laundering is how criminals disguise the illegal origins of their money. Financers of terrorism use similar techniques to money launderers to avoid detection by authorities and to protect the identity of those providing and receiving the funds.

The AML/CFT Act 2009 places obligations on New Zealand’s financial institutions and casinos to detect and deter money laundering and terrorism financing.

This Act ensures that businesses take appropriate measures to guard against money laundering and terrorism financing. This enhances the reputation of individual businesses, and of New Zealand as a safe place in which to do business.

How will it effect you?

If you are a customer of financial institutions and casinos you may experience more stringent identity checks than you did prior to the AML/CFT Act coming into effect. However, by verifying your identity you will be helping protect New Zealand businesses from being misused for the purposes of criminal activity.

For more information visit the Department of Internal Affairs.


 

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