Your monthly round-up of AML/CFT updates and news from around the world, with a focus on regulatory updates and bettering your reporting entity's compliance.
A jury has found Comancheros boss Pasilika Naufahu guilty of money laundering and drug charges. Naufahu was found guilty of two money laundering charges - one in respect of a Ford Ranger and the other a $102,075 Bentley.
Photo: One of many assets seized during the Operation Nova sting.
The New Zealand Financial Intelligence Unit have published the Suspicious Activity Report for July 2020. The report contains interesting information about the 2,041 Suspicious Activity Reports filed in July, an update from the Asset Recovery Unit and International AML/CFT News.
The AML/CFT Supervisors have updated the enhanced customer due diligence (enhanced CDD) guideline. This clarifies when source of wealth or source of funds identification and verification must be carried out.
Police make arrests, seize properties and vehicles, in money laundering probe
Six people across Auckland have been arrested and millions of dollars' worth of properties and luxury vehicles have been seized, after a year-long police investigation into money laundering.
Photo: Asset seized in Auckland by police
The Basel AML Index is an independent research-based ranking of the risk of money laundering and terrorism financing (ML/TF) of countries around the world.
The FMA alleges that CLSAP NZ failed on numerous occasions to conduct sufficient customer due diligence and enhanced customer due diligence, to terminate business relationships, to report suspicious transactions and to keep records in accordance with the AML/CFT Act.
The FMA also claims that these alleged breaches are representative of CLSAP NZ’s general approach to compliance with its obligations under the AML/CFT Act over the time that they occurred.