Your monthly round-up of AML/CFT news from around the world, with a focus on how this impacts compliance in New Zealand.
FMA High Court proceedings
The Financial Markets Authority (FMA) has launched High Court proceedings against brokering and financial advice firm CLSA Premium New Zealand Limited for alleged non-compliance with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
Cook Islands and New Zealand
Louise Wittwer has been a moving a force in the ranking of the Cook Islands as one of the best-regulated jurisdictions in the world. Before departing from her role as the Cook Islands' Financial Supervisory Commissioner in December, she has one more project - merging the Cook Islands into the New Zealand banking system.
Drug dealing ring disrupted
Multiple search warrants were
carried out in Waikato, Auckland and
Bay of Plenty, resulting in 29 Waikato
Mongrel Mob members being
arrested. The operation also
recovered nearly $200,000 in cash,
stolen property, methamphetamine,
and other drugs and firearms,
including loaded firearms.
Cabinet to extend the time frame for AML/CFT independent audits
The Ministry of Justice proposes to extend the time frame of independent AML/CFT audits from two years, to three years. The new regulation is proposed to be in force by 31 December 2020. This would mean:
Law firms, conveyancers, and new Trust and Company Service Providers are required to have their first independent audit completed by 30 June 2020. i.e. no change to the current timing.
Accountants and bookkeepers are required to have their first independent audit completed by 30 September 2020. i.e. no change to the current timing.
Real estate agents’ first independent audit would not be due to be completed until 31 December 2021 i.e. due date extended from 31 December 2020 to 31 December 2021.
For any reporting entity that has already completed its first audit when the new regulations are implemented, it will have three years from the date of the last audit to complete the next one.
Read more here.
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