New TF Risk Summary, conferences, and more...
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August issue
Kia ora
With only one day remaining to submit your annual report, we encourage you to prioritise this task to ensure your obligations are met on time. If you’ve had any issues with RealMe, the recent email communications our reporting entities received regarding the annual report should offer helpful guidance. However, please do not hesitate to contact us if you need further assistance.
In this issue, we bring you our Terrorism Financing Risk Summary which is now published on our website. New Zealand’s 2019 National Risk Assessment finds that we all remain exposed to terrorism financing risk, so I encourage you to consider your Risk Assessment and Compliance Programme in light of the common vulnerabilities and key countering financing of terrorism (CFT) requirements described. We also bring you updates on the upcoming FIU/ACAMS Conference in Wellington and a recap of the Bayleys Conference our team attended in Auckland.
Finally, you’ll see we ask for your suggestions and input for future In the Know editions. Please share your ideas for what you’d like to see from us, so our content meets your needs and the information we share is useful and of interest to you.
Ngā mihi,
Daniel Ziesler
Acting Director AML/CFT
New Risk Summary
The new Terrorism Financing Risk Summary has been published on our website.
Why is this crucial? Even small-scale financing within New Zealand can have a significant impact by raising, moving or using funds to help commit acts of terror here or overseas. Understanding these risks is essential for strengthening your AML/CFT practices and contributing to our national security.
We encourage you to read the new Risk Summary, which you can find below.
FIU/ACAMS Conference 2024
The annual FIU/ACAMS Conference is just around the corner!
This year’s event, themed “Shifting Paradigms: Navigating the Future of Financial Crime” will be held on 30-31 October at Tākina Wellington Convention & Exhibition Centre. The FIU have confirmed that the Honourable Nicole McKee, Associate Minister of Justice, will deliver the opening address.
The conference will feature a variety of case studies - including insightful analyses on the use of cryptocurrencies, and the positive impact of SAR and PTR reporting.
In addition to the main conference, the DIA will be co-hosting the Sector Supervisor Workshop on the afternoon of Tuesday 29 October, at Harbourside, 4 Taranaki Street, Wellington. We encourage all our reporting entities and stakeholders to participate and provide feedback on the topics you’d like covered by emailing aml_engagement@dia.govt.nz. Your input helps us in shaping a workshop that meets your needs.
Don’t miss out – registrations for the conference are open until Wednesday, 11 October. To secure your place, follow the registration link below:
Bayleys Conference
On 22 August 2024, the Bayleys AML/CFT Conference took place in the heart of Auckland City; a key event for providing insights and best practices for compliance staff. The conference featured industry experts and the New Zealand Police National Organised Crime Group (NOCG), and we were delighted to have our very own Natalie Stagg and Charlotte van Leeuwarden from the Department share their expertise.
Charlotte van Leeuwarden & Natalie Stagg
Their presentation covered several key topics, including recent regulatory findings in the real estate sector and recent thematic projects.
Our team noted good progress since earlier initiatives, including improvements in goAML registrations.
Another key topic was the use of real estate for money laundering, sharing examples from Aotearoa and abroad.
They addressed expectations for filing Suspicious Activity Reports (SARs) and outlined recent regulatory amendments following the statutory review of the AML/CFT Act.
Please contact aml_engagement@dia.govt.nz to discuss how our regulatory team could support your next industry event.
Annual Reporting Reminder
Only one day left!
With the submission deadline of 31 August 2024 fast approaching, now is the perfect time to ensure your annual report is on track.
We’ve had a few questions from those approaching the expiry date of their RealMe verified identity. If your RealMe verified identity is still valid and you’ve been prompted to renew it, we recommend filing your annual report before renewing. Renewing your RealMe verified identity first could lead to a processing delay of up to three weeks, which will affect your access to AML Online for reporting.
On 5 January 2023, the validity period for RealMe verified identities was extended from 5 years to 10 years, aligning with NZ passport expiry dates. Get your annual report filed soon and check your RealMe verified identity status to avoid any delays.
Note: If your business was onboarded after 30 June 2024 as a reporting entity, you will not need to file an annual report for the 2023-24 financial year.
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