AML/CFT compliance in New Zealand
MemberCheck's solutions for New Zealand
Who are New Zealand's AML/CTF Supervisors?
There are three regulators entrusted with ensuring companies comply with obligations intended to help prevent and track money laundering and terrorist financing under the Anti-Money Laundering and Counter Financing of Terrorism ACT of 2009.
The Reserve Bank of New Zealand (RBNZ)
Regulates banks, life insurers and non-bank deposit takers.
The Financial Markets Authority (FMA)
Regulates issuers of securities, trustee companies, futures dealers, collective investment schemes, brokers, and financial advisers.
The Department of Internal Affairs (DIA)
Money changers, non-deposit taking lenders, casinos and any other financial institutions not supervised by the Reserve Bank of New Zealand or the Financial Markets Authority.
How to comply with AML/CFT regulations in New Zealand
As a designated service you need to ensure that you have an AML/CFT program in place. This program is divided into two parts:
Includes processes and procedures to assist you in identifying, mitigating, and managing money laundering and terrorist financing threats.
Focuses on the procedures for verifying the identities of customers and beneficial owners, including politically exposed persons (PEPs).
There is no such thing as a one-size-fits-all AML/CFT program. Each reporting entity is unique and faces its own set of money laundering and terrorism funding risks. You must design a program that is unique to your needs. This gives you the freedom to choose how to fulfill your responsibilities and to implement stronger and/or additional controls where required.
All AML/CFT Programs must be based on a risk assessment. The risk assessment serves as the basis for your whole AML/CTF program. Your program must explicitly illustrate the relationships between identified risk and the procedures, policies and controls relating to that risk.
Reviewing and auditing your AML/CFT program
You must audit your AML/CFT program (as well as your risk assessment) every two years, or at any time as requested by your AML/CFT supervisor. A copy of your audit may be requested by your supervisor.
It is critical that your auditor has the necessary skills for the role and is independent and not involved in the development of your organisations risk assessment or the creation, execution, or maintenance of your AML/CFT programme.
Designated services should review their AML/CFT program to ensure that:
How can MemberCheck help?
MemberCheck provides a secure, easy to use, multi-user solution, with global coverage of politically exposed or high-risk individuals, and sanction, regulatory enforcement, law enforcement, and other official lists, for scanning names and identifying matches.
Sophisticated due diligence workflow and search filters are there to help you reduce the amount of time spent sorting through false positive matches. A full history of names scanned and matching profiles, is available for reporting purposes. Reports can be viewed online or downloaded, providing you with access to customer details and a record of your due diligence decisions, whenever and wherever required. Reports are ideal for providing to the regulator, during audits, as evidence that you are complying with your AML obligations.
* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.