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.