“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.
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.
Your frontline staff, compliance team, and management must work together as a team to meet the business AML obligations.