New Zealand Tightens Financial Crime Reporting Requirements

The government of New Zealand has introduced changes to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, which impose new obligations on reporting entities to report suspicious activity and transactions to the country’s Financial Intelligence Unit (FIU).

Revised Regulations

The revised regulations require reporting entities to submit Suspicious Activity Reports (SARs) and Suspicious Transaction Reports (STRs) through an online form on the GoAML Web platform. These reports must be submitted within three working days of forming reasonable grounds for suspicion.

Purpose of Reporting Requirements

The purpose of these reporting requirements is to prevent financial crimes such as money laundering and terrorist financing.

Guidance and Resources

To help clarify the obligation to report SARs, the FIU has issued a new guideline. The guideline provides detailed guidance on how to complete SARs and can be accessed through the FIU’s website in PDF format (6.32MB).

Registration with the FIU

In addition to submitting SARs, reporting entities must also register with the FIU using the GoAML Web application. New registrants can access information on how to register through the “Registering in goAML” section on the GoAML page.

Resource Library

The FIU has established a Resource Library that provides reference material on how to complete suspicious activities and transactions reports. The library is accessible only to reporting entities who have registered with GoAML, and can be accessed by logging into GoAML and clicking on the question mark icon on the task bar.

Prescribed Reporting Tool

Reporting entities are required to submit SARs through the online form on GoAML, which has been designated as the prescribed reporting tool for the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.

Compliance

The FIU is urging all reporting entities to familiarize themselves with the new guidelines and regulations to ensure compliance. By understanding their obligations under these revised regulations, reporting entities can help prevent financial crimes and maintain transparency in the financial system.