Record-keeping is a vital part of your AML/CFT programme, as it is the source of truth for all your activities. Without good records you cannot prove to external auditors and the Supervisors that your company is doing AML and that you are compliant.
Anti-Money Laundering News and Insights
Stay up-to-date with Anti-Money Laundering news and insights from New Zealand's AML experts. Learn more about the ever-changing AML world, and get the latest tips on how you can manage your AML obligations.
Each reporting entity under the AML legislation must lodge their annual AML/CFT report with their Supervisor any time between the 1st of July to the 31st of August, for the year ending June 2022. Remember, there are no extensions to this deadline.
Finding your AML auditor is one of the first steps to take when it comes to preparing for your three-yearly AML audit. But to make sure you're as ready as you can be, there are a couple of key areas you have to look at beforehand. In this blog you'll find my quick run-down of the important things you need to do before you have your AML audit, and an opportunity to download our free guide to AML Audits.
If the time for your AML audit is rapidly approaching, the most important question at the forefront of your mind should be: who will be my AML auditor?
Every year the AML Summit brings together New Zealand's AML/CFT professionals, experts, and industry leaders. We were there in the thick of it, and have pulled together some of the highlights from the two days. See our recap of the event, below.
Supervisors’ tolerance for gaps in AML programmes shortens
On August 2021, the FMA issued its AML/CFT Monitoring Insight Report for 2018 to 2021. The Director of Supervision noted that the AML/CFT regime has now matured to such an extent that the FMA has less tolerance for AML non-compliance. In other words, businesses are expected to have a strong handle on meeting their AML/CFT obligations.
We can expect this view to be true for the other Supervisors: DIA and RBNZ.
AMLHUB's quick guide to anti-money laundering in New Zealand
“Money laundering” – it calls to mind laundromats and giant bags of cash, or maybe the Netflix series Ozark. For most people it’s a vague concept that’s ‘bad’, with no understanding of what it is and how it actually happens. But it’s a big problem: in New Zealand alone, around $1 billion is laundered every year, while globally the figure is estimated to be $4 trillion.
You have to do AML — but it doesn't have to take your whole day. Read our 4 top tips for managing your AML/CFT programme better.
1. Get the business working as a team
Your frontline staff, compliance team, and management must work together as a team to meet the business AML obligations.
Learn how RealMe® identity verification makes customer onboarding quick.
Verifying your customer’s identity is a process. Sometimes it’s simple. Often, it’s not. But we can all agree we want it to be quick.
New Zealand Supervisors issue a reminder for outsourcing Customer Due Diligence to third parties.
The Financial Markets Authority and Department of Internal Affairs recently released updated guidance on outsourcing Customer Due Diligence that reiterates a very important message for anyone using third parties to manage it.
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