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October Dirt

It has been a busy month with the FIU and ACAMS NZ Conference in Wellington at the start of October and a pick-up of audit enquires and jobs.  Key DIA takeaway from the conference was: “If you think compliance is expensive, try non-compliance” Essentially the regime has been in place for most DNFBP’s for a year or more now so the DIA expects everyone to be compliant now.  They would be taking a different approach to those that haven’t done anything now, so take heed the big sti...

November 5, 2019

Growth Pains of AML

New Zealand is still in its developmental stage with its anti-money laundering and countering financing terrorism (AML/CFT) compliance regime. Although Phase 1 entities such as financial institutions and casinos have been subject to the AML/CFT Act since 2013, Phase 2 entities such as designated non-financial businesses and professions notably lawyers, accountants, bookkeepers, real estate agents and now high value dealers, like the motor industry, and the NZ racing board have only been under th...

September 23, 2019

Keep our money clean...What's it all about and do the benefits outweigh the costs??

You’ve probably already heard that $1.35 billion is estimated by the New Zealand Police to be laundered through New Zealand businesses by criminals – mostly drug dealers, fraudsters and tax evaders.  It’s been in the keep our money clean campaign been run by the government for some time now.  Less is known about the additional threat facing financial institutions and professional services about the financing of terrorism. Generally terrorism financing and money laundering comes t...

August 19, 2019 Posts 1-3 of 3 | Page