Minister says transparency of ‘wire transfer services’ enhanced by anti-laundering laws
Justice Minister Amy Adams says the transparency of "wire money transfers" is enhanced by the anti-money laundering laws that came into force in 2013.
She was responding to a written question from New Zealand First MP Rt Hon Winston Peters, asking which specific measures under New Zealand's money-laundering laws applied to "wire transfer services".
Ms Adams said there are a set of obligations placed upon "reporting entities" by the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
"Reporting entities" currently refers to banks and other financial institutes, and will eventually include lawyers, real estate agents, accountants, and other businesses that deal in high-value goods such as auctioneers and bullion dealers.
"There are obligations placed on reporting entities that send, intermediate and receive wire transfers" she said.
"These obligations include developing an AML/CFT programme, keeping records of transactions, and reporting suspicious transactions."
There are identity verification requirements designed to make wire transfers traceable to the people sending and receiving them, and reporting entities are required to verify the identities of any customers sending wire transfers of more than $1,000.
Read the rest of Ms Adams' answer here.
Last updated on the 16th September 2019