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Welcome to Compliance News
October 2021
In this issue:
- Annual Reports Exceed 90%
- AML/CFT Statutory Review Consultation
- Targeted Compliance Assessments – A different approach to Regulation
- What you may have missed
Annual report period sees 90% of expected reports filed
This financial year’s 20/21 Annual Reporting saw over 90% of reporting entities file their reports on time. This is a great filing rate by reporting entities and a significant increase from the last years on time filing rate of approximately 72%.
The statutory deadline to file Annual AML/CFT Reports was extended from 31 August 2021 to 30 September 2021 due to the increase in COVID-19 alert levels. This extension allowed more time for reporting entities for their Annual Reporting, who may not have access the required information to submit.
If you have not yet filed your Annual Report, you are urged to do as soon as possible through AML Online here. If you have any queries regarding your Annual Report, please contact us at amlcft@dia.govt.nz.
AML/CFT Statutory Review Consultation
Are our anti-money laundering laws the best they can be?
In July, the Government asked the Ministry of Justice to review New Zealand’s anti-money laundering and financing of terrorism laws. This review allows us to ask: have we got these laws right?
The Ministry of Justice have a consultation document and online survey where you can have your say. Submissions close on 3 December 2021.
Please see more information about the Statutory Review of the AML/CFT Act here.
Targeted Compliance Assessments - A different approach to Regulation
Te Tari Taiwhenua’s AML Group is increasingly using targeted compliance assessments to review and monitor reporting entities for compliance with the AML/CFT Act.
Targeted compliance assessments focus on the implementation and effectiveness of specific obligations of the Act in practice. Reporting entities may be required to provide parts of their AML/CFT programme document and respond to specific questions in writing. This approach differs from our full desk-based reviews, which assess a reporting entity’s written risk assessment and AML/CFT programme for technical compliance across all requirements of the Act.
This approach differs from our regular desk-based reviews, which assess a reporting entity’s written risk assessment and AML/CFT programme with a focus on technical compliance across all requirements of the Act. Targeted compliance assessments allow us to focus thematically on particular AML/CFT obligations, including areas of higher or evolving risk. At the same time, responding to a targeted assessment should involve a lesser compliance burden for reporting entities than responding to a full desk-based review.
In April and May of 2021, we published key findings relating to targeted compliance assessments for:
This important work is on-going, being led by our Operations teams.
What you may have missed
Pandora Papers:
We recently published a reminder on the potential misuse of legal persons and legal arrangements to evade tax or launder money. Read more here.
FATF – Jurisdictions Update:
The Financial Action Task Force (FATF) have announced, from their October plenary, further jurisdictions under increased monitoring to address their strategic AML/CFT deficiencies. Read more here.
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