Welcome to Compliance News September 2021

In this issue:

Annual reporting period deadline extension
Annual AML/CFT Survey
RBNZ v TSB Bank Limited
Get to know our regulators
What you may have missed

Annual reporting period deadline extension

Submitting an annual report is a legal obligation under the AML/CFT Act and you have until 30 September 2021 (the new date due to the COVID-19 extension) to submit it to the Department of Internal Affairs, as your AML/CFT Supervisor.

Businesses who are required to submit an annual report, and have yet to do so, are urged to submit this as soon as possible through AML Online. Please note, AML Online has issues with the browser Firefox so please use an alternative browser.

If you have any questions regarding your annual report, please contact us at amlcft@dia.govt.nz.

Annual AML/CFT Survey

The AML Group at the Department of Internal Affairs (the Department) recently sent out an annual survey to our reporting entities. This year, the survey covers:

Understanding of AML/CFT obligations
Engaging with the Department
The Department’s online presence

This is a reminder to complete the survey if you haven’t already, as this is an opportunity for you to provide the Department feedback and give further comments for us to consider.

Please ensure only one person from your business completes the survey.

They survey will stop taking submissions on 5 October 2021.

Reserve Bank of New Zealand v TSB Bank Limited

The High Court of New Zealand released a judgment on 27 August 2021 in relation to the Reserve Bank of New Zealand v TSB Bank Limited.

The Court ordered TSB to pay civil penalties totalling $3.5 million based on TSB’s acceptance that it did not comply with the requirements of the AML/CFT Act. The settlement comes five years after RBNZ formally warned TSB for risk assessment and compliance failures. The main breaches concerned TSB’s inadequate procedures, processes and controls, failure to review its AML programme and inability to conduct a risk assessment of its real estate business.

The Department of Internal Affairs attended on-site with the Reserve Bank to participate in the inspection of TSB Bank Limited. This was a great opportunity to exchange knowledge with another supervisor while assessing a large banking institution.

Get to know our regulators

To give you a chance to get to know our team of regulators, we have started a new series called ‘Get to know our regulators’, which will feature one of our regulators each month. These will be informal Q&A sessions that aim to shine a light on the mahi that our regulatory team do, as well as their interests outside of the office.

This month we sat down with Virginia (VJ) Lavender, an Operations Manager in our Christchurch team.

How did you get into AML – what’s your background?

I am in the unique and very fortunate position of currently managing both the AML and Gambling teams here in Ōtautahi. I came to DIA on a secondment from Corrections in September last year initially into the Ops Manager Gambling space (which then became a permanent role) however my colleagues move to Manager of the AML Engagement and Innovation team has created an opportunity for me to manage both teams.

What are the biggest rewards of your job?

People. I am so grateful to everyone in AML (and the wider Department) who have made me feel welcome right from day one. I love learning new things, stretching my brain and being able to jump feet first into the AML space certainly lets me do that. It does mean I am continually asking questions but everyone shows great manaakitanga and a real willingness to share their knowledge which makes me feel less of a nuisance.

What’s your favourite holiday location?

In New Zealand it is Nelson as my mum grew up there, so we spent many school holidays with my Grandma and Grandad there and my memories of those time are precious. Overseas I think it will be Cuba. Although I haven’t been there yet (#COVID) my husband and I had planned to visit this year as it looks amazing.

What’s your favourite hobby?

Currently I am learning to play the drums. I have my own kit which my tutor tells me I play ‘enthusiastically’ – I think that is a euphemism for loudly, with great gusto… I have always enjoyed music and have an eclectic taste so it is great to be able to listen to a song and ‘sort of’ play along on my drums.

What you may have missed

We’ve collated some local and international anti-money laundering news articles that you may find of interest:

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