Formation Agent and Nominee Services
Key updates for lawyers and accountants providing trust and company services.
New Guidance for Money Remitters
Summary of two recent guidance for money remitters on wire transfers, PTRs, SARs, and agents.
Latest DIA Enforcement Action
An overview of formal warning, enforceable undertaking and civil proceeding.
Multiple Guideline Updates
A deep dive into the multiple guideline updates released by the AML/CFT Supervisors.
Amendment Regulations: Stages 2
The package of regulatory amendments released in July 2023 will roll out in in three stages over a two year period. This post focuses on Stages 2 to help you preparing ahead to the new requirements.
Guidance Updates: Wire Transfers
The DIA issued a new guidance update on wire transfers. This post highlights the four key take-aways from the guidance.
Russia Sanctions: Obligations for Reporting Entities
New Zealand duty holders need to comply with the Russia Sanctions regulatory regime to ensure its success. This post sheds light on your obligations.
Outsourcing Guidelines
AUSTRAC released a draft Guidance on Outsourcing AML/CTF. This post outlines the key point of the guidance.
Financing of Terrorism
Terrorism financiers use a variety of techniques to raise and deploy funds. Because of its peculiarities, it can be challenging to detect terrorism financing red flags.
Guidance Updates: Trust and Company Services
The Department of Internal Affairs released new guidance to clarify how the amendment regulations impact trust and company services.
Amendment Regulations: Stages 2 and 3
The package of regulatory amendments released in July 2023 will roll out in in three stages over a two year period. This post focuses on Stages 2 and 3 to help you preparing ahead to the new requirements.
Wire Transfer Obligations
Wire transfers have been affected by the 2023 Amended Regulations. This post aims to clarify your current and future obligations.
Verification of Identity
Verification of identity is a core aspect of customer due diligence (CDD). This post describes five solutions for verification of identity: face-to-face documentary verification, documentary verification via a trusted referee, electronic identity verification, using a CDD outsourcing provider and relying on another reporting entity for CDD.
Customer Due Diligence
Customer due diligence is a cornerstone of your AML/CFT regime. This post provides you with an overview of the three levels of customer due diligence, standard, simplified and enhanced.
Changes to the AML/CFT Act Regulations
The Amendment Regulations released in July 2023 are the biggest legal change that the AML/CFT regime has had in the past five years. This post is a must-read for all reporting entities, as it outlines some crucial aspects of the changes.
Department of Internal Affairs Issues a Formal Warning
The Department of Internal Affairs issued a formal warning to real estate agent Arizto. This post sheds lights on the reasons of the formal warning and addresses the importance of self-detection.
AML/CFT Compliance: Introduction
This article provides an introductory definition of money laundering and financing of terrorism and a high-level presentation of what reporting entities need to consider to comply with New Zealand anti-money laundering and counter financing of terrorism legislation.