AML/CFT Statutory Review – Further Engagement Sessions

RITANZ has recently received the following communication from the AML/CFT Statutory Review Project Team at the Department of Justice:

Tēnā koutou katoa,

We trust this email finds you all well. This email is an update about the AML/CFT Statutory Review and what is happening over the final months of the review.

All submissions have been reviewed and summarised

The Ministry has finished reviewing the submissions received on the statutory review of the AML/CFT Act. We would like to express our deep gratitude to everyone who submitted – we received over 200 submissions, which is a record number of submissions for an AML/CFT reform project.

All submissions the Ministry received have been published with personal information redacted, except where the submitter requested we not publish the submission or keep the submission confidential. The Ministry has also produced a thematic summary of the submissions received. 

Read our update and view published submissions

Read the summary of submissions

We would like to invite you to attend further engagement workshops in April

The project team is busy identifying our intended recommendation for each topic. To support this process, we would like to invite you to attend further engagement workshops in April. The purpose of these sessions is to hear from the project team about the intended recommendation on several topics and provide input about the proposed approach. Attendees will be invited to share their views on the intended recommendation as well as the analysis supporting the recommendation with a view to ensuring that, as much as possible, recommendations which are put forward reflect the consensus of the private sector and AML/CFT agencies.

The sessions we are proposing to run are as follows:

Purpose and approach to AML/CFT Regulation (9:00 – 12:30 on 12 April, 9:00 – 12:30 on 13 April)

Supervision, regulation, and enforcement (9:00 – 12:30 on 20 April, 9:00 – 12:30 on 21 April)

Customer due diligence (9:00 – 12:30 on 22 April)

Prescribed transaction reporting and suspicious activity reporting (9:00 – 12:30 on 27 April)

Politically exposed persons and sanctions (9:00 – 12:30 on 28 April)

We are also intending to run sector specific workshops on Virtual Asset Service Provider obligations, CDD for real estate agents, wire transfer obligations, money or value transfer service business obligations, and high value dealers and pawnbrokers.

You can read more about the workshops and register for those topics which are of interest to you using this link: https://my.forms.app/form/622e7c0317a64c6cae93ac87

What happens next?

The Ministry’s review will conclude the review on 30 June 2022 with a report to the Minister of Justice about how the Act has performed since 2017 and whether any amendments are necessary or desirable. Our recommendations will be based on the submissions we have received and further engagement we conduct. The Minister will then make the report public as soon as practicable after it has been received.