AML prescribed transaction reporting consultation open
The Ministry of Justice has opened consultation on the development of regulations for prescribed transaction reporting under the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015.
One key amendment to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 was the insertion of subpart 2A, which brings in new requirements for reporting entities to report
"prescribed transactions" to the Police Financial Intelligence Unit.
Prescribed transactions are international wire transfers of $1,000 or more and domestic physical cash transactions of $10,000 or more.
The ministry has released a consultation document.
It says it is seeking feedback on two issues:
- Which fields should be included in the prescribed transaction reports?
- When multiple reporting entities are involved in wire transfers, which entity (or entities) should have to submit prescribed transaction reports?
The new legislation, including regulations, will come into force on 1 July 2017. The ministry says it intends to have the new regulations made by July 2016.
Submissions close on 27 May 2016.
Last updated on the 16th September 2019