On August 10, 2017, the government of New Zealand introduced the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017, putting in place the second phase of New Zealand’s anti-money laundering/counter-terrorism financing (AML/CTF) laws.
Phase two extends the scope of the current AML/CTF Act from the first phase to more banks, casinos and a range of financial service providers, and includes businesses such as real-estate agents and conveyancers, lawyers and accountants, some businesses that deal in expensive goods and betting on sports and racing.
Additional changes to phase one include:
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