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We are a Registered Incorporated Society working for the good of all legitimate traders in used goods. We work to reduce theft for protection of the public, and serve the trade with para-legal advice.
Connecting buyers and sellers with reputable dealers, auctioneers and pawnbrokers.

Important updates

28 July 2020
Clarity around annual AML/CFT reporting

We recently posed the following questions to the Department of Internal Affairs:

One of our members has asked for clarity around annual AMLCFT annual reporting.
Most are familiar with the submission process, but are less likely to understand the AMLCFT annual reporting requirements.
Would you have any guidance for us specifically on the following areas:
  • Is pawnbroking considered the type of business that must submit an annual AML/CFT report to the Department?
  • Must all Licensed Traders (and specifically not pawnbrokers) submit an annual AML/CFT report to the Department, or are there specific thresholds (e.g. annual turnover, or single transaction value)?
  • What reporting is required annually outside of the high transactions reports over and above $10,000 in cash?
We have had a reply from the DIA:

"High Value Dealers (HVD) are not required to submit Annual Report to the Department.
Please find a copy of our High Value Dealers Guideline
here for your reference. Page 5 of the guideline outlines HVD’s obligations under the AML/CFT Act 2009."

The takeaway from this is that if the transaction does not involve cash, you are not captured by the AML/CFT Act.
But do note that all cheques (including bank drafts) are considered bearer-negotiable instruments (so effectively the same as cash) for the purposes of the AML/CFT Act.

17 June 2020

Our catch-up Zoom meeting on June 16th was a success. So on July 14 we had our 2020 AGM meeting for all members, again using Zoom. The minutes of our meeting may be viewed from our "Meetings" page.
Our next meeting will be held on August 18th 7:30 PM
Note that this will again be a Zoom-only meeting: we do not have a venue booked for this. All members are welcome to attend. If you would like to attend please contact our treasurer, who will be in touch with paid-up members a few days beforehand to let them know the Zoom meeting details.

7 June 2020
We have set a date and time for a catch-up meeting for all members using Zoom:
June 16, 2020 7:00PM
All members are welcome to attend. If you would like to attend please contact our treasurer, who will be in touch with paid-up members a few days beforehand to let them know the Zoom meeting details.

9 May 2020
We need to start preparing for opening our shops under Lockdown Level 2.
For those of you who have not yet started, here are some things to think about when preparing your business to open under Level 2:
  • Get signs in place (use Covid-19 decal signage as prescribed by the government)
  • Get physical screens for your counter and other suitable PPE
  • Prepare your shop: have a sanitiser at the entrance and advertise and enforce one-in one-out restrictions
  • Observe the 1 metre plus distancing and the “one in one out” protocol
  • Do not use cash and use PayWave rather than EFTPOS
  • Look into adopting other electronic funds transfer methods. Apple Pay, PayPal etc. The requirement is that it provides instant confirmation of the transaction (like cash did)
  • Use G Suite Forms (or something similar) to get forms filled out - you send a link with the form and this can then be completed on the customer’s device
  • Redeeming items that have been paid for - only if you can do this via contactless delivery
Document signing can be done contactless through a paid-for service like Docusign. Any electronic document signing could then be done on the spot using the customer’s device.
There are one-stop shops to help you with the PPE screens and signage and sanitisers (e.g. Speedy Signs).

If you have any practical suggestions that are working for you, please share them with us so that we can share them with all members.
Thank you.

21 April 2020

We have researched whether pawnbrokers are able to open their business during Lockdown Level 3 or if we need to wait for Level 2.
You can read our complete update that we have sent to all of our members here with the details of our research. Our understanding is that pawnbrokers are not able to open their premises during Level 3 and will need to wait for Level 2. The government guidelines are clear: we are not registered finance companies, and we are not listed by the reserve bank as an "essential service" in the Financial sector.
The Association has approached MBIE on behalf of its members and we are still awaiting clarification as to whether we could or couldn't open during each of the respective alert levels.
For now we would suggest that members concentrate on getting all their ducks in a row ready for Level 2 which, fingers crossed, isn't too far away now.
On a more personal note, we hope that all members and family are well and safe.

17 March 2020
Our next meeting
Due to concerns around the Covid-19 virus our scheduled meeting for the 18th of March 2020 has been cancelled.
We expect to review the situation again in May, and our Treasurer will reach out to members with an update again then.
We are planning to schedule a meeting using Zoom in the short term, and we will reach out to financial members via email once a suitable date has been finalised.

Post lockdown, please note the
new meeting venue:
Jack Dickey Community Hall
174 Green Lane West

25 November 2019
Important amendment to the Secondhand Dealers and Pawnbrokers Act

Our legal advisor Rae Nield advises after checking the status of legislation that the amendment to the Secondhand Dealers and Pawnbrokers Act has been made on 29 October 2019. This is what Rae found:
  • There is no more “interest”. Instead that word has been replaced by “redemption fee”. It is a clean replacement – there is no other change to the Act.
  • This means that you may (and should) all delete the word “interest” from your documentation and use the words “redemption fee”.
  • Please train yourselves to use the words “redemption fee” instead of “interest”.
  • You can read the revised Act here. "
Thank you Rae!

5 October 2019
Watch our treasurer Kevin Garner, explain how pawnbroking works on the Stuff news website.
The information offered on this web site is offered in good faith.
No liability will be carried by LTPA or any of its contractors for the results of using the information herein.