The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act) contains a set of obligations for reporting entities to enhance the transparency of wire transfers. Wire transfers have been assessed in the National Risk Assessment1 as presenting a high risk of money laundering in New Zealand, which is consistent with experience overseas.
- What is a wire transfer?
- Who are the parties to a wire transfer?
- What are the responsibilities placed on reporting entities that are Ordering, Intermediary, or Beneficiary Institutions?