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AML/CFT - high value dealers' regulations

NZ $105.00

Authors: Henry Brandts-Giesen, Neil Russ
Published: 12 September 2019
Pages: 146


The objective of this paper is to provide legal practitioners with an introduction to the law, process and practical issues relating to the application of the anti-money laundering (AML) and countering the financing of terrorism (CFT) regime to the high value dealer (HVD) sector in New Zealand.

This paper follows, in many respects, the format of previous papers prepared by the authors in relation to the application of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) to the legal profession itself. This is deliberate. Many lawyers and law firms are now reasonably familiar with the AML/CFT regime, because they have been subject to it since 1 July 2018. Some lawyers, who do not in the ordinary course of their business carry out captured activities but who advise HVD, will not previously have had to consider in detail the application of the AML/CFT Act to their clients. In addition, the AML/CFT Act applies differently to HVD, and it is important for all practitioners to understand those differences when advising clients.

Content outline

  • What is an HVD?
  • What is money laundering?
  • The problem with money laundering
  • The money laundering process
  • Global AML and CFT initiatives
  • The Application of Global AML Standards in New Zealand
  • AML/CFT Act – Phase 1
  • AML/CFT Act – Phase 2
  • HVDs in more detail
  • Interpreting “cash”
  • Interpreting “ordinary course of business”
  • Compliance obligations applicable to HVDs
  • Customer Due Diligence
  • Identity Verification Code of Practice
  • CDD after establishing a business relationship
  • Look through to beneficial owners
  • Designated Business Groups
  • Prescribed Transaction Reporting
  • Record keeping
  • Suspicious Activity Reports
  • Audit
  • Summary of AML/CFT Act obligations not applicable to HVDs
  • Territorial scope
  • DIA
  • Enforcement
  • Case studies
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