The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act) outlines specific obligations for reporting entities to improve transparency in wire transfers. According to the National Risk Assessment, wire transfers pose a high risk for money laundering in New Zealand, aligning with global trends.
This guidance covers:
- What is a wire transfer?
- Who are the parties involved in a wire transfer?
- What responsibilities apply to reporting entities acting as Ordering, Intermediary, or Beneficiary Institutions?
Wire Transfer Guidance for New Regulations In addition to the existing guidelines, new regulations effective from 1 June 2024 have been introduced. This guidance, developed by the Financial Markets Authority, in collaboration with the Reserve Bank of New Zealand and the Department of Internal Affairs, provides updates for compliance with the latest regulations.
Read the Guidance for the new regulations relating to wire transfers below:
By FCCT Editorial Team
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