Page 29 - English-DBINZ brochure-2019

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AML/CFT SUPERVISORS

There are three AML/CFT supervisors under the Act, namely: the Reserve Bank, the FMA and the
Department of Internal Affairs.

The Reserve Bank supervises reporting entities that are banks, life insurers and non-bank deposit takers
while the FMA supervises issuers of securities, trustee companies, futures dealers, collective investment
schemes, brokers and financial advisers. The Department of Internal Affairs supervises casinos, non-
deposit taking lenders, money changers and all other reporting entities not supervised by the Reserve
Bank or the FMA.

“The Reserve Bank supervises reporting entities that are banks,
life insurers and non-bank deposit takers while the FMA supervises
issuers of securities, trustee companies, futures dealers, collective
investment schemes, brokers and financial advisers.”

CODES OF PRACTICE

These AML/CFT supervisors may issue codes of practice from time to time. These provide a statement
of practice to assist reporting entities to determine and meet their obligations under the Act and
Regulations. Compliance with a code of practice is not mandatory, but a reporting entity will be treated
as complying with certain sections of the Act when it complies with the relevant code of practice.
At the time of writing this document, the only code of practice in force is the Amended Identity
Verification Code of Practice, which provides a suggested best practice for all reporting entities
conducting name and date of birth identity verification on customers (that are natural persons) that they
have assessed to be low to medium risk.