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Welcome to Compliance News May 2021
In this issue:
- The New Zealand mutual evaluation report has been published
- Get ready to submit your annual report
- Targeted compliance assessment findings – s59 audits
- FIU monthly report
- What you may have missed
New Zealand Mutual Evaluation Report Published
FATF’s mutual evaluation of New Zealand has concluded, and the report has now been published on the FATF website.
Annual Report due soon
Submitting an annual report to your supervisor is a legal requirement under the AML/CFT Act 2009.
From 1 July 2021 those who are required to submit an annual report will be able to do so through our portal AML Online. The deadline for completion is 31 August 2021. If you haven’t accessed AML Online before, you will need to have a verified RealMe account which may take time so please start now here.
Once you have the verified Real Me, you will need to email us at amlcft@dia.govt.nz to be sent an access link to AML Online to submit your annual report. We have made it easier by providing ‘before you start’ checklists for financial institutions and DNFBPs. These are designed to help you pull together all the information required before you submit your annual report.
Targeted Assessments - Section 59 Audit Findings
We are increasingly using targeted compliance assessments to ensure effectiveness and implementation of the AML/CFT obligations. Most recently, we used this approach to focus on the requirement to have an AML/CFT audit completed on a reporting entity’s AML/CFT documents, and to makes changes where necessary as outlined in that audit.
FIU Monthly Report
The Financial Intelligence Unit produces monthly reports called “The Suspicious Activity Report”. The most recent focuses on suspicious activity reporting and what makes a good suspicious activity report (SAR).
What you may have missed
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