AML/CFT Act 2009
AML/CFT (Anti-Money-Laundering / Counter-Financing of Terrorism)
NZ's statutory regime requiring fund managers to verify investor identity and source of funds before accepting investment. Administered by the FMA, RBNZ and DIA.
New Zealand's Anti-Money-Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) requires every NZ retail managed-fund manager and platform to verify the identity, address, and source of funds of every new investor before accepting their first investment. Existing investors must be re-verified periodically and when material account changes occur.
The reporting-entity supervisor varies by entity type: the FMA supervises financial advisers, MIS managers and brokers; the Reserve Bank of New Zealand supervises banks; the Department of Internal Affairs supervises remaining reporting entities. The Act requires reporting entities to maintain customer-due-diligence records, conduct ongoing-monitoring, and file Suspicious Activity Reports (SARs) with the Financial Intelligence Unit at NZ Police.
In practical terms for investors: opening a NZ retail managed-fund account always requires photo ID, address verification, and (for higher-value accounts) source-of-funds documentation. AML/CFT compliance is one of the gating processes behind the typical 1–3 business-day account-opening turnaround on NZ retail platforms.