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New Zealand Outlines Potential AML Rules for Non-Banks
By Manju Manglani
printNew Zealand's Ministry of Justice called for industry input ahead of the government's submission next year of legislation that could impose anti-money laundering rules on non-bank businesses and amend suspicious activity reporting obligations. In a consultation paper published Thursday, the department said the planned bill would require lawyers, accountants, real estate agents, conveyancers, businesses within the gambling sector and unspecified high-value goods dealers to develop risk assessments, conduct customer due diligence, audit accounts and report suspicious activity related to money laundering and terrorist financing. The goods dealers impacted by the legislation may include those involved in sales of precious metals,...
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