AML/CFT October Newsletter
In this Newsletter:
- AML Summit 2019
- New guidelines released
- In the news
- Training – In-house
- Training – Open courses
- E-learning
- Online training for Lawyers and Accountants
1. AML SUMMIT 2019 – Auckland Conference
New Zealand’s leading AML SUMMIT conference is back for the fourth time and is being held in Auckland on Tuesday 26 March. This conference is designed for Senior Managers, Compliance Officers and AML professionals.
The 2019 AML Summit will be a one day event showcased at SKYCITY Convention Centre.
The annual Summit is an opportunity for all reporting entities to engage with AML experts and Supervisors, and discuss the recent change to the AML/CFT legislation, regulations, obligations and Supervisor guidance.
Highlights of the Summit will include international keynote speakers, insights from the Supervisors, case studies presented by the FIU, a panel of experts from reporting entities around New Zealand and presentations from foremost AML experts. The goal of the Summit is to enhance reporting entities AML/CFT understandings through practical learnings and good interaction with speakers and experts.
Come along to listen to our presenters, network with leaders in the field, record your CPD hours, and learn practical and engaging insights from the experts working exclusively in this field.
Click here to buy specially priced early-bird tickets!
2. New guidelines released
There have been a few guidance notes released since our last newsletter.
Please see below links for information on managing intermediaries and advice for bookkeepers seeking clarification on when involvement in financial transactions on behalf of their clients is captured by the Act.
DIA Guideline
AML/CFT Explanatory Note: Involvement of bookkeepers in financial transactions
FMA Guideline
Class exemption for managing intermediaries
3. In the News
The EU’s 5th Anti-Money Laundering Directive: What Does It Mean?
In the past week alone, cases of money laundering have hit headlines all around Europe. An investigation found that up to $30 billion of ex-Soviet and Russian money had potentially passed through the Estonian branch of Denmark’s largest bank, Danske Bank. It also emerged only last week that Dutch bank ING will have to pay €775m in fines after it allowed ‘structural infringement’ of the Netherlands’ Money Laundering and Terrorist Financing Act. So, what is being done about Europe’s evident money laundering problem?
The Danske Bank Scandal Is the Tip of the Iceberg
Last month, the CEO of Danske Bank, Thomas Borgen, stepped down, and both Denmark’s Financial Services Authority and the European Banking Authority opened investigations into the bank’s illegal activities at its Estonian branch. On Sept. 19, Bruun & Hjejle, general practice attorneys hired by Danske Bank, released a chilling report revealing how over 200 billion euros, about $230 billion, were illegally laundered through its branch in Estonia over a nine-year period. Despite this negligence, the report cleared Borgen and the board of directors of any kind of legal responsibility. While it is by no means the first money laundering exposé in recent years, it may be the largest one.
4. Training – In-house
We can provide AML training at all levels to your team and at your place of work. Whether you are interested in a refresher course or an intensive workshop, we can deliver a customised workshop tailored to your particular needs and industry.
Available courses include:
- Introduction to AML/CFT
- Refresher Courses
- Customer Due Diligence
- Red Flags
To register your interest for in-house training, please email training@amlsolutions.co.nz
6. Training – Open courses
Our public courses contain content designed to aid attendees understand their and their company’s obligations under the AML/CFT legislation. For example, current courses include Compliance Officer training and Customer Due Diligence training.
These half-day courses include engaging exercises that have practical application and showcase relevant case studies to enhance the learning process.
We have limited spaces available for our October dates so make sure you book in as soon as possible.
Dates of upcoming AML/CFT Training Courses:
Compliance Officer
Auckland – 31 October
Christchurch – 14 November
Wellington – 18 December
Customer Due Diligence
Auckland – 11 December
Christchurch – 6 November
Wellington – 6 December
6. E-learning
Our eLearning platform allows those training in AML/CFT to study from the comfort of their own home or office, with the luxury of completing course material in their own time. We currently have five open modules available, and many more tailored specifically for various clients. The open modules have been developed and designed by AML Solutions and covers the New Zealand AML/CFT legislation and Supervisor guidance.
7. Online training for Lawyers and Accountants