Border Cash Reports review
New Zealand Customs has responsibilities under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act), to ensure that cross-border movements of physical currency or bearer negotiable instruments (BNI) of NZ$10,000 or more (or foreign equivalent) are completed and submitted.
Customs has reviewed the process of Border Cash Reports (BCR) being submitted by individual entities and financial institutions, including banks and money service businesses, to ensure compliance with the AML/CFT Act. This review identified a lack of consistency in the submission of BCRs.
Following advice from Customs’ legal team, it was determined that the intended purpose of the AML/CFT Act is for the beneficial owner to complete and submit the BCR form to Customs.
A representative of the company or the individual that owns the unaccompanied cash, cheque or other BNI must complete a BCR. They are also responsible for forwarding the BCR report to their broker/customs agent to be attached to the related trade entry.
Cash, cheques or other BNI moved through any other means are also required to have a BCR submitted.
From 1 October 2021, Customs will no longer accept BCR forms completed by cash transporters moving cash on behalf of their client.
It is an offence under the AML/CFT Act 2009 to move cash, cheques or BNIs without submitting a BCR. It is also an offence to complete a BCR knowing it is false or misleading in any material aspect.