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DIA extends interim solution to corporate trustee annual report obligations for 2020

10 June 2020

The Department of Internal Affairs is aiming to provide reporting entities with the same certainty as 2019 around their annual reporting obligations under the AML/CFT Act by extending last year's interim solution to this year.

This exemption is provided while the Ministry of Justice is preparing a public consultation document on a proposed class exemption for corporate trustees that are reporting entities under the AML/CFT Act.

This waiver of the annual report obligation:

  • Applies only to corporate trustees that are subsidiaries of a law firm, accounting practice or TCSP that is a reporting entity under the AML/CFT Act in New Zealand.
  • Is conditional that the parent law firm, accounting practice or TCSP’s own annual report includes information relating to all relevant activities of the subsidiary corporate trustee.
  • Is temporary while the Ministry of Justice considers the corporate trustee class exemption application.
  • Applies to Annual Report obligations for the period 1 July 2019 to 30 June 2020 only.

The full interim solution can be found here.

Last updated on the 10th June 2020