In 2017 the rules were extended to cover more businesses including real estate agents, conveyancers, many lawyers and accountants, and some additional gambling operators and some businesses that trade in high-value goods.
Non-compliance can lead to personal liability for the controlling persons of the entity concerned.
Kensington Swan has experts in all areas of AML/CFT compliance. We are leaders in this area of NZ law having provided advice to numerous financial institutions, professional firms and regulatory bodies over several years.
1. Risk Assessment and Compliance Programme
Affected businesses must identify and assess the risk of being used to facilitate money laundering and terrorism financing, and to develop appropriate strategies to manage, reduce and control these risks.
This requires the business to carry out a risk assessment and implement a compliance programme which contains procedures, policies and controls to manage the inherent AML/CFT risks identified.
Kensington Swan can design and draft the documents necessary to ensure compliance with the law.
The law requires all affected businesses to have their risk assessment and AML/CFT programme audited every two years, or at any other time at the request of the relevant AML/CFT supervisor.
The audit required by the law is a systematic check of your AML/CFT risk assessment and AML/CFT programme by an independent and suitably qualified person. It is not an audit in the commonly understood sense of the term.
Kensington Swan may be able to provide the systematic check and review required by law. If we are unable to perform this role then we can recommend people who can.
We can assist affected businesses who are under scrutiny from their AML/CFT supervisor and, to the extent necessary, defend them in any enforcement proceedings.
We regularly present seminars and deliver training sessions to financial institutions, professional firms and regulatory bodies in relation to AML/CFT matters.