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August 2019
In this issue:
• Your annual report is due 31 August
• Help to complete your Annual AML/CFT Report
• High Value Dealers doing their bit to prevent money laundering
• Upcoming training opportunities – webinars and roadshows
• Compliance action taken
• Racing Industry Transition Agency captured under the AML/CFT Act.
• AML newsfeed
Your annual report is due 31 August
The annual report is a key part of your requirements under the AML/CFT Act. Thank you to those who have already filed their annual AML/CFT report. For those who haven’t, the deadline is fast approaching.
To submit your annual report, you will need to register with us using our new platform, AML Online. You will need a verified RealMe account to register and login. If you don’t already have a verified RealMe account this can take up to five working days, so please allow time for this.
If you have already received an email with an activation link from us, please use this to register for AML Online.
Helpful links:
Help to complete your Annual AML/CFT Report
For many of you it will be the first time you have submitted an Annual Report, so we’ve prepared a webinar on the annual AML/CFT report for designated non-financial businesses or professions (DNFBPs). It covers:
- What the Annual AML/CFT Report is,
- Why you must submit it;
- How you can submit it using AML Online;
- What the six parts of the Annual AML/CFT Report are; and
- What questions you will be asked.
We’ve also asked businesses who have already submitted their annual AML/CFT report this year for some tips and comments for businesses who still need to submit. They said:
Use the Annual Report User Guide to help you;
- Read the annual AML/CFT report in full before you submit to help you prepare for what information you will need;
- AML Online is easy to use; and
- On average it took less than an hour.
If you have any questions about the annual AML/CFT report, you can contact us at amlcft@dia.govt.nz or 0800 257 887.
High Value Dealers doing their bit to prevent money laundering
The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) has expanded to cover high value dealers
The AML/CFT Act applies to high value dealers who buy or sell goods using cash transactions at or over $10,000. The cash threshold applies to a single transaction or a series of related transactions that add up to $10,000 or more. If a high value dealer only conducts electronic transactions, then they are not captured by the AML/CFT Act.
DIA is the AML/CFT supervisor for dealers of high value goods and
has been working alongside HVD peak bodies to inform their members about their AML/CFT obligations.
More information is available on our website.
In June this year, DIA hosted a series of training events to help businesses identify what they need to do to complete a Risk Assessment, and document an AML/CFT Programme. A number of these events booked out so we are running additional sessions. See our website for more information.
We are currently working on a series of webinars for compliance officers which will dive deeper into some of the areas of the AML/CFT requirements. To make sure we are covering the topics you need help with most, we have created a survey. Please let us know what you would like us to focus on next.
Compliance action taken
Since the last newsletter, we’ve taken compliance action against four businesses who have failed to comply with their obligations under the AML/CFT Act. In our role as Supervisor, we support businesses to meet their AML/CFT obligations, which protects their services from being used to launder money or finance terrorism. Where a business is not meeting those obligations, we may enter into a remediation plan to help them achieve compliance. This involves the business implementing our recommendations with follow ups from us and support on how to do this along the way.
However, where areas of non-compliance with the Act go beyond the level for which a remediation plan is considered appropriate, or there have been multiple attempts to help a business become compliant, we have some compliance and enforcement tools we can use including issuing a formal warning or accepting an enforceable undertaking.
You can read about the compliance and enforcement tools we are using for the non-compliant businesses on our website:
- Formal warning issued to Customhouse Safe Deposits Limited, trading as Commonwealth Vault.
- Formal warning issued to seven reporting entities within the Regus Management Limited (RNZML) designated business group.
- Formal warning issued to Wellington-based Run Da International Limited.
- DIA accepted an enforceable undertaking from The Ink Patch Money Transfer Limited.
Racing Industry Transition Agency captured under the AML/CFT Act.
From 1 August 2019, the AML/CFT Act expanded to include the Racing Industry Transition Agency (formerly NZ Racing Board). More information about their requirements under the Act are available on our website.
AML newsfeed
Here are links to AML news you may have missed on our website:
We encourage everyone to refer to our website dia.govt.nz/amlcft regularly for updates on our guidance, information and advice.
The team are ready to assist either by phone - 0800 25 78 87 - or email the team on AMLCFT@dia.govt.nz.