In accordance with section 157(6)(b) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“Act”), the Associate Minister of Justice hereby gives notice that he has granted the following exemption from section 56(2) of the Act:
Ministerial Exemption: Travelex Financial Services NZ Limited
- This exemption is granted subject to the following conditions:
- The Anti-Money Laundering and Countering Financing of Terrorism (“AML/CFT”) compliance officer for Travelex Financial Services NZ Limited (“Travelex NZ”) must be a Sydney-based employee of Travelex Limited registered in Australia.
- The AML/CFT compliance officer must be appropriately qualified, have adequate resources to perform his or her role, and have full access to all information relevant to the AML/CFT compliance matters of Travelex NZ.
- The AML/CFT compliance officer must report fully and regularly on all relevant AML/CFT matters to a senior manager of Travelex NZ.
- The AML/CFT compliance officer must be readily available to the staff of Travelex NZ in order to raise and discuss any AML/CFT compliance matters.
- It is emphasised that, for the purposes of this exemption, the AML/CFT compliance officer for Travelex NZ has obligations under the Act, rather than the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Australia).
- The exemption has been granted for the following reasons:
- There is a low risk of money laundering and terrorist financing associated with this specific exemption. It will allow Travelex NZ to use existing compliance expertise to assist in Travelex NZ’s compliance with its AML/CFT obligations.
- All other provisions and requirements of the Act will apply to Travelex NZ.
- This exemption came into force on the day after the date I granted this exemption (22 September 2016).
- This exemption will expire on 30 June 2020.
Any person wishing to provide comment on this notice should contact the Criminal Law Team at the Ministry of Justice by emailing firstname.lastname@example.org.