Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Five businesses warned for anti-money laundering failures

Five businesses warned for Anti-Money Laundering/Countering Financing of Terrorism failures

The Financial Markets Authority (FMA) has issued formal warnings to five reporting entities under Section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act)

Entities are required by law to have their risk assessment and AML/CFT programme audited by an independent auditor every two years.

For this year’s review the FMA selected 64 entities to inspect their audit report files and the details of any action, or planned activity, resulting from their last audit report. As a result of this review:

• Five formal warning were issued to reporting entities for failing to have their risk assessment and AML/CFT programme audited within the last two years.
• The FMA has also issued compliance letters to five reporting entities requesting follow up action by the entity or further information.
• A further six monitoring visits will be carried out in response to this work.

Liam Mason, FMA Director of Regulation said, “Our monitoring in this space shows the vast majority of entities we supervise meet their legal requirements to tackle money laundering and the financing of terrorism. It is only fair to take action against those who don’t.”

The regulatory regime to tackle money laundering and the financing of terrorism has now been in place for a number of years. All reporting entities are obliged to meet these requirements so New Zealand can maintain its Financial Action Taskforce obligations.

The FMA’s role, as one of the three AML supervisors, is to ensure the entities it is responsible for have risk assessment programmes in place to meet the legal requirements.

The names of the five entities have not been published. They are either small businesses or individuals and to do so would be disproportionate.

In February last year, the FMA warned 12 reporting entities under the AML/CFT laws after requesting information from 77 reporting entities.

The FMA will take further steps against the reporting entity that failed to provide its audit report if it does not respond to this warning.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Land Report: Issues With Soil Degradation

An environmental report released today has found we are damaging and losing our soils and our native plants and animals. More>>


Water Quality Report: Cause For Optimism

National River Water Quality Trends released by Land, Air, Water Aotearoa (LAWA) this week, reveal that for all river water quality parameters monitored over a 10 year period, more sites were improving than deteriorating. More>>


IMF Report On NZ: Positive Economic Outlook

Minister of Finance Grant Robertson has welcomed the IMF’s Concluding Statement, released following its annual visit, which provides an independent assessment of the strength of the New Zealand economy. More>>


Retail Power Price: Review Panel Named

The Energy and Resources Minister Megan Woods has released the details of who will sit on an expert advisory panel which is tasked with leading a review into the price of electricity in New Zealand. More>>


Increasingly Disruptive Threats: Govt Cyber Security Refresh

Broadcasting, Communications and Digital Media Minister Clare Curran today announced a comprehensive refresh of New Zealand’s approach to cyber security. More>>


Regional Growth: Action Plan To Modernise Taranaki’s Economy

The Provincial Growth Fund (PGF) will invest up to $20 million to help future-proof the Taranaki region by diversifying its economy, creating additional jobs and leveraging off the strong base the region has established through its oil, gas and agricultural ... More>>


Winding Down Irrigation: Funding Ends For Crown Irrigation Investment

The Government has begun winding down public funding for large-scale irrigation through Crown Irrigation Investments Limited (CIIL), in line with the Coalition Agreement and the Confidence & Supply Agreement. More>>