The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Act 2017 puts in place "Phase 2" of New Zealand's AML/CFT laws.
Money laundering is a process where ‘dirty money’ received from criminal activities, such as misuse of drugs, theft and tax evasion, is passed through legitimate businesses and turned into ‘clean money’. It is a significant problem, both here and worldwide.
This law enhances the reputation of individual businesses, and of New Zealand as a safe place in which to do business.
The Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) regime seeks to help instill public confidence in our financial systems, both here and overseas.
The new laws:
extend the current AML/CFT Act to cover more businesses (including real estate agents and conveyancers; many lawyers and accountants; some businesses that deal in expensive goods; and betting on sports and racing)
make some changes that affect “Phase 1” businesses (including banks, casinos and a range of financial service providers) who have had to comply with the Act since 2013.
Your risk assessment and AML/CFT programme must be audited every 2 years or during a different time period prescribed by regulations, or at any other time at the request of the relevant AML/CFT supervisor.
It must be carried out by an independent person, appointed by the reporting entity, who is appropriately qualified to conduct the audit.
Our firm has been undertaking AML – CFT non assurance audits since 2014. If you have any questions or queries about compliance or require an AML – CFT audit please contact us for your auditing requirements.
Our dedicated AML – CFT non assurance Team
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