New Financial Service Providers Register (FSPR) registration and reporting requirement

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19 March 2021

As of 15 March, Financial Service Providers (FSPs) registering or updating their annual report details on the FSPR are required to declare if they are captured under the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act) as a reporting entity and who they are supervised by. 

How do you know if you are a FSP that is captured under the AML/CFT Act?

The type(s) of financial services you register for as an FSP, and what activities you offer in the ordinary course of business will determine if you are reporting entity. The supervision of financial institutions under the AML/CFT Act is split between three supervisors, the Department of Internal Affairs (DIA), the Reserve Bank of New Zealand, and the Financial Markets Authority.

The financial services that fall under DIA’s AML/CFT supervision:

• Being a creditor under a credit contrac
• Operating a money or value transfer service
• Issuing and managing means of payment (e.g. credit and debit cards, cheques, travellers’ cheques, money orders, bankers’ drafts, and electronic money)
• Giving financial guarantees
• Changing foreign currency
• Providing forward foreign exchange contracts 

If you provide services that are supervised by more than one supervisor, the supervisors will agree who will be the relevant supervisor for the purposes of the AML/CFT Act.

If you are captured under the AML/CFT Act:

If you have registered on the FSPR for services that fall under DIA supervision, please get in contact with us and register with the DIA as a reporting entity by emailing us at amlcft@dia.govt.nz.

You will also need to meet the obligations of a captured reporting entity under the AML/CFT Act. For more information on these obligations and how to comply, please see our website: Information for Financial Institutions and Casinos