![]() ![]() Estimate the volume and frequency of transactions If the information is in many different places and formats/structures, determining how easy (or difficult) it will be to bring all of the information together will help you to identify the best way for your entity to submit PTRs. You will need to determine where the information is, and in how many different places (systems, databases etc.).ĭetermine how easy/difficult it will be to bring all the information together If you don’t already, you will need to develop a way (either manually or automated) to start collecting the required information in order to meet your obligations. Ensure that you capture the required information To access the Resource Library, registered reporting entities will need to log in to goAML and click on the HELP tab on the menu bar. These are available from the 'Legislation and Guidance Documents' section below.Īdditional testing guidance, including technical documents, is available in the Resource Library within goAML. The information that needs to be included in PTRs (IFTs and LCTs) is outlined in the relevant legislation, regulations, and guidance documents. Step 1 – Prepare the information Determine what information needs to be provided The five steps below have been developed as a guide to assist reporting entities prepare for submitting Prescribed Transactions Reports. coin and printed money designated as legal tender). Large Cash Transactions (LCTs) – a domestic, physical cash transaction of NZD$10,000 or more involving physical currency (i.e. ordering, intermediary or beneficiary institution) is in New Zealand, and at least one is outside of New Zealand. International Funds Transfers (IFTs) – an international wire transfer of NZD$1,000 or more where at least one of the institutions involved in the transaction (i.e. Prescribed Transactions are transactions conducted through a reporting entity in respect of: ![]() In addition to Suspicious Activity Reports (SARs), PTRs add further transparency to the financial system by making certain money laundering and terrorist financing typologies even more difficult to hide, as well as improving the detection, and thus disruption, of organised crime, fraud and tax evasion. Prescribed Transactions Reports (PTRs) help to build an intelligence picture across the entire financial system, providing necessary statistics and useful intelligence on the flow of cash and money in and out of New Zealand. Please refer to the Ministry of Justice website for further information. Reporting entities have been introduced as part of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017. Changes to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) and regulations introduced new requirements for reporting entities to report prescribed transactions in the form of Large Cash Transaction (LCT) reports and International Fund Transfer (IFT) reports.
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