AML/CFT PHASE 2

Anti-Money Laundering and Countering Financing of Terrorism (“AML/CFT”) Phase 2

The long awaited Government changes (phase 2 ) that affects the AML/CFT laws is now well underway. The new entities listed are now required to put preventative measures in place to help tackle money laundering and financing of terrorism in New Zealand.

FMA SECTOR RISK ASSESSMENT 2017

In early July, the long awaited updated Sector Risk Assessment document has been released by the FMA after a six year gap from the original Securities Commission version back in 2011.

The following is an extract from the FMA website on the new document.

“We expect reporting entities to use our SRA 2017 as a guide when they prepare and implement their individual AML/CFT programmes.

The SRA 2017 is also intended to inform and assist others involved in AML policy-making and supervision, both in New Zealand and overseas.

AML/CFT AUDITS - ARE YOU COMPLIANT AND UP TO DATE?

It is coming around to the second round of audits under the AML/CFT Act 2009 (‘the Act”) requirements and as highlighted by one of the regulators (FMA) many entities have not actioned the audit to the required level. This is only one of the regulators; the same outcomes maybe also apply with the other regulators, in particular the DIA who have under their wing a very large entity base.

CONSULTATION ON PRESCRIBED TRANSACTION REPORTING REGULATIONS

The Department would like to draw your attention to the Ministry of Justice (the Ministry) consultation currently taking place on the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 (the Act) prescribed transaction reporting regulations. The purpose of this consultation is to help inform the Ministry during the development of regulations for prescribed transaction reporting.