Money laundering in New Zealand

How is money laundered?

Risk of money laundering activities using real estate

Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the AML/CFT Act)

Real Estate Agents as ‘Reporting Entities’ and captured activities

Money laundering offence

The role of the Department of Internal Affairs (DIA)

Questions 1 - 7

Statutory requirements of reporting entities

AML/CFT Requirements

Questions 8 - 12

Undertaking due diligence: your obligations

Questions 13 - 16

Standard customer due diligence

Simplified customer due diligence

Enhanced customer due diligence

Steps to follow when assessing CDD requirements

Questions 17 - 20

Example 1 – Standard CDD: residential

Example 2 – Standard CDD: commercial

Example 3 – Simplified CDD: commercial

Example 4 – Enhanced CDD: family trust

Example 5 – Enhanced CDD: residential Politically Exposed Person (PEP)

Financial Intelligence Unit (FIU)

Suspicious activity reports (SARs)

Prescribed transaction reports (PTRs) and Suspicious Property Reports (SPRs)

Relationships with other AML/CFT reporting entities

Questions 21 - 23

Recognising red flags

Expectations of the DIA on all licensees