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Monthly Round-Up: July

Your weekly round-up of AML/CFT updates from around the world, with a focus on regulatory updates and bettering your reporting entity's compliance.


TICC Awarded the Privacy Trust Mark

In June 2020, TICC was awarded the Privacy Trust Mark, one of two online services to do so. TICC is proud to be setting benchmarks in the AML/CFT industry in New Zealand.


Of the award, the Privacy Commissioner, John Edwards said:

“I was pleased to see the efforts TICC has made to be highly transparent with clients about what happens to their information once it’s been collected, as well as making it simple for clients to access or modify that information, should they need to."


Privacy Act 2020

The Privacy Act 2020 comes into effect on 1 Dec 2020. It strengthens privacy protections, promoting early intervention and risk management by agencies. The amendments clarify that liability for privacy breach notifications sits with businesses or organisations, not individual employees.

For more, read the full summary here.


Annual Reporting

It’s almost time to file your AML/CFT annual report. All reporting entities must complete and submit the report by August 31 2020. If you are a TICC client, the statistical customer due diligence data held will be supplied to you via the TICC AMLOnline Portal in the coming weeks.


We also run workshops to assist you with compiling your annual report and the next one is on the 31st of July.

Register here, and if you are subscribed to our ATTIC Online Magazine, you get 10% off!


Commercial Leasing

REINZ has advised that regulations will be changing to enable real estate agents that engage in commercial leasing to conduct customer due diligence on the landlord when an offer to lease is presented, rather than when they sign an agency agreement. AML Audits are also to change to once every 3 years.


Financial Action Task Force

The FATF calls upon all jurisdictions to apply AML/CFT countermeasures to protect the international financial system from the ongoing money laundering, terrorism financing, and proliferation financing risks emanating from the Democratic People’s Republic of Korea and Iran.


Scams and Fraudulent Schemes

Physical distancing due to COVID-19 has created an increased emphasis on providing online services. With continued online interactions and transactions, reporting entities are more susceptible to being used in scams and fraudulent schemes.


The Department of Internal Affairs (NZ) has provided useful information for reporting entities so that they are able to easily identify a transaction that poses such a risk and mitigate it.

Read the article here.


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