Prescribed Transactions Reporting

The Anti-Money Laundering and Countering Financing of Terrorism (Prescribed Transactions Reporting) Regulations 2016 came into effect on 1 November 2017.

A transitional compliance period applied to entities that were developing an automated solution for the submission of their PTRs. This period ended on 30 June 2018 and all reporting entities are now expected to be submitting PTRs.

Reporting entities introduced as part of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 are being phased in, by sector, throughout 2018 and 2019. Please refer to the Ministry of Justice website for further information and commencement dates.

Why was this legislation introduced?

Prescribed Transactions Reports (PTRs) help to build an intelligence picture across the entire financial system. This becomes a national asset for New Zealand Inc., made up of information held by various AML/CFT sectors and reporting entities.

In addition to Suspicious Activity Reports (SARs), PTRs add further transparency to the financial system by making certain money laundering and terrorist financing typologies even more difficult to hide, as well as improving the detection, and thus disruption, of organised crime, fraud and tax evasion.

What is a Prescribed Transaction?

Prescribed Transactions are transactions conducted through a reporting entity in respect of:

International Funds Transfers (IFTs) – an international wire transfer of NZD$1,000 or more where at least one of the institutions involved in the transaction (i.e. ordering, intermediary or beneficiary institution) is in New Zealand, and at least one is outside of New Zealand.

Large Cash Transactions (LCTs) – a domestic, physical cash transaction of NZD$10,000 or more involving the use of physical currency (i.e. coin and printed money designated as legal tender, and circulates as and is customarily used and accepted as a medium of exchange in New Zealand).

Legislation and Guidance Documents

Relevant acts and regulations are available from the NZ Legislation website, and include:

Guidance documents produced by the FIU include:

Additional guidance documents are available for reporting entities from the Resource Library within goAML. To access the Resource Library, registered users for goAML will need to login and click on the question mark icon from the menu bar.

Need more information?

Not sure if you need to submit PTRs? Refer to your sector supervisor.

Not sure how to prepare to submit PTRs? Visit the ‘Five Steps to prepare’ page

Not sure how to submit PTRs? Visit the ‘How to Submit Prescribed Transactions Reports’ page

Want to test submitting reports? Visit the ‘Testing Prescribed Transactions Reports’ page

 

Still need more information?

Questions and answers in this document have been collaboratively determined by the FIU, Ministry of Justice and the three Sector Supervisors (DIA, FMA and RBNZ).

If you are still unable to find an answer to your question, please email us.