October issue

Kia ora

I'm Serge Sablyak, the new AML/CFT Director at Te Tari Taiwhenua Department of Internal Affairs. I joined the Department in October, having previously worked in the justice sector, in biosecurity and in cybersecurity.

My focus in the role will be on improving the AML/CFT regulatory system so that it provides risk-calibrated regulation, guidance and support; reduces compliance costs; and helps realise opportunities.

I look forward to engaging with you as we work together to strengthen our AML/CFT framework.

In this month’s edition of In The Know, you’ll find our latest guidance on wire transfers and the updated AML/CFT programme guideline. We also provide a wrap-up of the annual reporting, details on the upcoming FIU/ACAMS conference, insights into the SkyCity update, and a brief overview of the Statutes Amendment Bill. 

Ngā mihi,
Serge Sablyak
Director AML/CFT

2023-24 Annual Reporting Wrap-Up

Thank you for filing your 2023-2024 annual reports, which concluded on 31 August. Annual reporting allows us to assess compliance effectiveness, understand sector-wide risks, and enhance our response to emerging threats. We appreciate the commitment of all reporting entities to provide thorough and accurate reporting. This report not only helps us gain insight into how you meet your AML/CFT obligations, but also enables you to review and update your AML/CFT measures, ensuring they remain effective. 

This commitment is essential for maintaining the integrity of our AML/CFT framework. Thank you for your ongoing dedication to fostering a robust AML/CFT environment in Aotearoa New Zealand.

Statutes Amendment Bill
 

A recent Statutes Amendment Bill is intended to bring several amendments to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.  

This will extend the prescribed transaction reporting timeframe from 10 to 20 working days for all reporting entities, and for law firms extend the suspicious activity reporting timeframe from 3 to 5 working days. The Bill will provide further regulatory relief by removing the requirement to verify address information other than when enhanced CDD is required.

To view the Bill, click the link below:

Upcoming FIU/ACAMS Conference 

The DIA is running a sector supervisor workshop on the afternoon of Tuesday, 29 October, as part of the FIU/ACAMS conference on 30-31 October. This annual event provides a valuable platform for discussions on pertinent AML/CFT obligations and offers attendees the chance to ask questions and share insights.

If there are any specific questions or topics you wish covered at our workshop, please email us at aml_engagement@dia.govt.nz. Your insights are valuable in shaping a workshop that effectively meets the needs of our reporting entities.

To secure your place, please register below.
Registrations close on Tuesday, 22 October.

Free goAML training 

Wellington, Christchurch, Auckland, Hamilton

The Police FIU are running a series of two-hour sessions in Auckland, Christchurch, Hamilton and Wellington that will cover an overview of the goAML system, along with how to submit Suspicious Activity and Prescribed Transaction Reports.
Check the details below for location and times.

Please confirm your attendance by emailing goamltraining@police.govt.nz by Wednesday 6 November. Seats are limited so it will be on a ‘first in, first served basis.

It is recommended you bring a pen and paper to take notes and hard colour copies of the Web Reporting Reference Guides for:

• Suspicious Transaction Reports
• Suspicious Activity Reports
• International Funds Transfers (if you conduct these types of transactions)
• Large Cash Transactions (if you conduct these types of transactions)
  
  These are located in the Resource Library within goAML. 
  To access this, logon to goAML then click on ‘Help’ in the navy-blue task bar.