AML/CFT April Newsletter
In this Newsletter:
- FMA monitoring report
- AML SUMMIT answers to your questions
- AML resources very limited
- In the news
- Training – Open courses
- Training – In-house
1. FMA monitoring report
The Financial Markets Authority (FMA) has published an Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) monitoring report setting out the areas requiring further attention by the management and boards of the reporting entities it supervises.
The report covers the period from 1st July 2016 to 30 June 2018. During this period, the FMA issued 18 formal warnings, including one public warning.
The report is available on our website for you to read here;
2. AML SUMMIT Questions
Thank you for all the questions that were submitted to our presenters at the AML SUMMIT conference. We have sorted through the questions to extract the most frequent topics/queries and consolidated them into questions and answers;
If you submitted a question on the day that has not been covered here that you are still unclear on and would like to be answered, please contact us here
3. AML resources limited – book early
The NZ AML market is currently very busy and we are being contacted by many companies looking for assistance. Our current clients will always take priority but we do request you contact us early for any upcoming work or audits. We strongly recommend booking any Q4 2019 and Q1 2020 audits as soon as possible.
4. In the News
Comanchero Motorcycle Gang members arrested, $3.7m in assets seized
A lawyer and accountant were targeted as “professional facilitators” during a police blitz on the Comanchero Motorcycle Gang in which 10 Auckland properties were searched and nearly $4 million of goods seized.
G20 to Establish Crypto AML and Counter-Terrorism Financing Regulations in June
G20 member countries will meet to discuss international cryptocurrency Anti-Money Laundering regulation on June 8 and 9 in Fukuoka, Japan. The news was revealed in a report from local news outlet Kyodo on April 4.
Per the report, and in accordance with official plans, G20 central bank governors and finance ministers will take part in the meeting. The event will be focused on establishing a framework to combat crypto-enabled money laundering and terrorism financing.
UK’s NCA to freeze 95 students’ bank accounts amid money laundering suspicions
The National Crime Agency (NCA) and other UK law enforcement bodies have applied to courts around the country in a co-ordinated operation to freeze 95 accounts containing an estimated £3.6m of suspicious funds.
The accounts are held mainly by Chinese students at UK universities, who appear to have been targeted by organised crime groups to launder the proceeds of crime. Such individuals are sometimes known as ‘money mules,’ because they often do not know what the third party is really using the account for, and may not know that operating a bank account in this manner is potentially illegal.
Dirty cash: The banks involved in the Russian money-laundering scandal
Several European banks have been drawn into money-laundering allegations centred on dirty Russian money. Much of the information about their possible involvement was made available to media outfits by The Organised Crime and Corruption Reporting Project, or OCCRP. Investigations into the scandal are underway in the Baltic nations, the US, the UK and the Nordic countries. Below is a list of the main banks touched by the scandal.
The International Monetary Fund has estimated the amount of money laundered globally per year to be 2 per cent to 5 per cent of global GDP, or as much as US$2 trillion (NZ$2.95 trillion)
5. Upcoming Compliance Officer and Customer Due Diligence training courses
Dates of upcoming AML/CFT Training Courses:
Wellington – 02 May
Auckland – 21 May
Christchurch – 05 June
Customer Due Diligence
Wellington – 26 June
Auckland – 04 July
Christchurch – 11 July
5. Training – In-house
If you would prefer more tailored training, we can provide AML training at all levels to your team at your place of work.
Whether you are interested in a refresher course or an intensive workshop, we can deliver customised workshops tailored to your particular needs and industry.
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. The open modules have been developed and designed by AML Solutions and covers the New Zealand AML/CFT legislation and Supervisor guidance.
We have two online training courses available tailored specifically for Lawyers and Accountants. Please head to our website for more information.