Anti-money laundering exemption for accounting practices

The Associate Minister of Justice has granted a class exemption for accounting practices under the Anti-Money Laundering and Countering the Financing of Terrorism Act 2009. 

Accounting practices (including accountants, bookkeepers, tax agents, and insolvency practitioners) carrying out most types of tax transfers under the Tax Administration Act 1994 on behalf of their customers are now covered by the class exemption. This exempts accounting practices from most (but not all) obligations under the Act.

You can find more information in the 'Tax Transfers Class Exemption Guidance' and 'Tax Transfers Class Exemption FAQs' documents on the Department of Internal Affairs website.

AML-CFT Information for Accountants

Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Amendment Notice 2022 (SL 2022/214) Schedule New Part 16 inserted into Schedule