The National Risk Assessment (NRA) has been updated and released by the Financial Intelligence Unit. This updated NRA expands on multiple areas of vulnerability and increased risk in the AML/CFT regime in New Zealand. Some of the key takeaways are: …
The DIA has launched civil proceedings in the High Court against Christchurch Casino for alleged failures to comply with the AML/CFT Act. It is alleged that Christchurch Casino have failed to establish, implement and maintain a robust AML/CFT compliance programme,…
Commencing 1st June 2025, Anti-Money Laundering regulations will introduce a mandated Customer Risk-Rating (CRR) process, as part of the regime’s wider move to a truly risk based approach. Reporting Entities will be required to risk-rate each new customer during the…
Change on the horizon: AML/CFT updates from now to 2027 Over the last 18 months, the one constant in AML/CFT has been “change”. We’ve seen new regulations, a constant flow of updates to guidance, and now there are some future…
The sector supervisors have updated their AML/CFT Programme Guideline. With applicability across all sectors, and a lot of new changes, this is essential reading for all Compliance Officers and compliance staff. Split into eight parts, the AML/CFT Programme Guideline addresses…
An updated Terrorism Financing Risk Summary has been released by the DIA. The guidance is intended to assist reporting entities in understanding terrorism financing and how their business could be used for that purpose. Terrorism financing is slightly different to…
Further AML/CFT regulatory changes came into effect on 1 June 2024, impacting wider reaching aspects of compliance, including customer due diligence. Below is a summary of the changes broadly that will affect most reporting entities, and links to the associated…
In October 2022, the AML/CFT Supervisors have released a revised Enhanced Customer Due Diligence Guidance and a revised AML/CFT Programme Guideline. The two guideline releases are summarised below. EDD Guideline The revised EDD Guideline includes clarifications on the EDD requirements…
Auckland based lawyer, Andrew Simpson, admitted 13 counts of money laundering offenses linked to the Comancheros Motorcycle Club. In April, police conducted a series of raids across Auckland seizing over $3.7 million in assets, including luxury cars, motorcycles, luggage and…
Westpac Australia is facing civil penalty orders for allegedly breaching the Anti-Money Laundering and Couter-Terrorism Financing (AML-CTF) Act on more than 23 million occasions. Full article here
