In accordance with section 157(6)(b) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“Act”), the Associate Minister of Justice hereby gives notice that he has granted the following exemption from the Act:
Ministerial exemption: Raizor New Zealand Limited (NZBN: 9429046012869)
- As the Associate Minister of Justice, and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“Act”), I exempt:
- Raizor New Zealand Limited
- Sections 10–39 inclusive; and
- sections 49–71 inclusive.
- The exemption is made subject to the following conditions:
- Raizor must notify the Ministry if there are any changes to their business model within 14 days of the change occurring.
- The maximum percentage rebate implemented by Raizor Retailers must not exceed 25%, excluding single promotional events which may have a maximum percentage rebate of 50%.
- Raizor Rebates may only be donated to organisations with Donee status that have been approved by the IRD.
- The exemption has been made for the following reasons:
- Limiting the entities who receive donations to only those approved by the IRD as Donee Organisation limits the risk that they may be illegitimate.
- New maximum limits placed on Retailer Rebates are low, and therefore do not allow for transactions to provide a source to launder large sums of money. This will make the platform unattractive to those participating in money laundering and terrorist financing activities.
- There is a low risk of money laundering and terrorist financing associated with the services offered and the burden Raizor faces as a new entity is disproportionate to this level of risk.
- This exemption came into force 7 February 2018.
- This exemption will expire on 30 November 2022.
Any person wishing to provide comment on this notice should contact the Criminal Law Team at the Ministry of Justice by emailing firstname.lastname@example.org.