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Financial Services Quarterly
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Best practice guidelines for reporting suspicious financial transactions
The New Zealand Police Financial Intelligence Unit has released these guidelines to assist New Zealand financial institutions in complying with the requirements of the Financial Transactions Reporting Act 1996.
The guidelines outline the laws in New Zealand relating to money laundering and the obligations of financial institutions to, for instance, verify customers' identity and report suspicious transactions.
They have been updated to include general information relating to money laundering (such as locations of specific concern to the police) and information relating to terrorist financing risks.
The guidelines will be updated again once the proposed legislation relating to New Zealand's compliance with international anti-money laundering and anti-terrorist financing standards has been finalised.
For more information, see www.police.govt.nz.
Enquiries and information
For more information on any of the cases, articles and features in Financial Services Quarterly, please email Rachel Gowing or call on 64 9 916 8825.
Disclaimer
This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.
