Who needs to submit Prescribed Transactions Reports?

Reporting entities will need to refer to their sector supervisor and relevant legislation to determine their reporting obligations.

For reporting obligation questions (those of a regulatory nature) please email your Sector Supervisor.

Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015

The Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 specifies that where a person conducts a prescribed transaction through a reporting entity, the reporting entity must report the transaction.

A prescribed transaction means a transaction conducted through the reporting entity in respect of:

  • an international wire transfer of NZD1,000 and over (also known as International Funds Transfers or IFTs) where at least one of the financial institutions (i.e., ordering, intermediary, beneficiary institution) involved in the transaction is in New Zealand, and at least one is outside New Zealand.

    See AML/CFT Wire Transfers Fact Sheet for further information.
     
  • a domestic physical cash transaction of NZD10,000 and over (also known as Large Cash Transactions or LCTs) which are transactions in New Zealand 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 the country of issue.

The Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 is available on the New Zealand Legislation website.