New FSPR reporting: What you need to know

Changes to the requirements of the FSPR mean that all financial service providers must declare whether they are captured under the AML/CFT Act and who they are supervised by.

The financial services that fall under Department of Internal Affairs AML/CFT supervision:

● being a creditor under a credit contract
● operating a money or value transfer service
● issuing and managing means of payment (eg credit and debit cards, cheques, travellers’ cheques, money orders, bankers’ drafts, and e-money)
● giving financial guarantees
● changing foreign currency
● providing forward foreign exchange contracts.

While most advisers will not be a reporting entity, a spokesperson from MBIE told Good Returns that it is important for all advisers to understand the requirements in case their circumstances change.