NZ AML/CFT compliance - A year in... | KPMG | NZ

NZ AML/CFT compliance - A year in...

NZ AML/CFT compliance - A year in...

For Reporting Entities (REs), this has demanded significant management attention to ensure policies are followed.

1000

Lead Partner - Forensics

KPMG in New Zealand

Contact

Also on KPMG.com

Guy with paperwork

For Reporting Entities (REs), this has demanded significant management attention to ensure policies are followed. Many REs have found the journey difficult, requiring a complete overhaul of policies and procedures and significant changes in their approach to compliance.

We set out some observations on AML/CFT compliance from our work with reporting entities over the first 12 months. In this article we:

  • provide observations on reporting entities approach to Risk Assessments, Client Due Diligence, Transaction Monitoring and Ongoing Assurance.
  • set out four pointers to assist REs demonstrate they have taken meaningful measures around source of wealth with this being an area that is problematic internationally.
  • observe the supervisors have been active with desktop reviews and inspections. While a ‘stick’ has been waved their main focus to date appears to be assisting reporting entities to gain compliance.
  • urge caution in placing comfort on desktop reviews as regulators move to a more intrusive approach to inspections.

© 2017 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.

Connect with us

 

Request for proposal

 

Submit

KPMG’s new-look website

KPMG has launched a state of the art digital platform that enhances your experience and provides improved access to our content and our people, whatever device you are on.

 
Read more