AML360 Appoints Executive Consultant for New Zealand
As New Zealand’s AML/CFT compliance deadlines loom ever closer, lawyers and conveyancers, accountants, real estate agents and some high value dealers are facing increased pressure to respond appropriately to their compliance obligations.
However, for these New Zealand entities the process of developing risk assessments, programmes and overall implementation of AML/CFT compliance just became a whole lot easier with the announcement AML360, a software vendor in anti-money laundering compliance has partnered with Dr Nicholas Gilmour, a recognised global expert in the AML/CFT field.
"New Zealand is soon to transition into the application of enhanced anti-money laundering laws across the legal and accounting industries. With a background as senior advisor to government and lecturer at Massey University, Dr Gilmour brings to AML360 unique experience and knowledge," said Kerry Grass, Director of AML360.
“With high profile industries about to adopt massive changes in regulations later this year, the concern is that many will become complacent with their obligations. However, the massive fines that a court can impose for breaches has the real potential to put those businesses out of operation. One only needs to look at the High Court decision in September last year where it imposed a fine of NZ$5.3M for serious, systematic deficiencies," said Dr Gilmour. "Businesses that have the intent to comply but lack knowledge of the 'how to' will be operating in a perilous environment. Through AML360's compliance software, the ability to protect professions and business sectors has become far easier" he said.
Lawyers and conveyancers will be bound by the provisions of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 on 1 July 2018, Accountants will be bound by 1 October 2018, real estate agents by 1 January 2019, and the New Zealand Racing Board and high-value dealers on 1 August 2019.
About AML360: AML360 software was launched in New Zealand in 2013. It is now identified in international research reports as a leading software vendor in anti-money laundering compliance.