Call for one AML supervisor
The Government has delayed the introduction of legislation to extend the AML/CFT rules to real estate agents, solicitors and accountants.
It still wants to bring in legislation by the middle of next year but says it will not introduce the bill to do so until the new year.
Chapman Tripp and Bell Gully have called for a single supervisor for all reporting entities when that happens.
At the moment, there are a number of supervisors: The Reserve Bank oversees banks, life insurers and non-bank deposit takers. The Financial Markets Authority supervises investment schemes, brokers and financial advisers. The Department of Internal Affairs is responsible for casinos, non-deposit taking lenders, money changers and anyone who does not fall under the FMA or RBNZ’s watch.
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