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Anti-money laundering reporting obligations

Lawyers preparing for transition into anti-money laundering reporting obligations


Wednesday, 16 May 2018, 10:00 am


As the 1st  July draws closer, New Zealand lawyers are continuing to prepare for their transition as ‘reporting entities’ under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Commonly referred to as “Phase 2 implementation”, over the next eight months the Department of Internal Affairs will be extending its regulatory oversight of anti-money laundering laws to include supervision of lawyers, accountants and real estate agents. Lawyers are the first to be captured with effect from 1 July 2018, accountants and book-keepers from 1 October 2018 and real estate agents from 1 January 2019.

Before their implementation deadline, all sectors are legally obligated to have a business risk assessment and policies, procedures and controls in place.

Continuing its support to New Zealand’s finance sector and professional services, AML360 has launched web-based software for Phase 2 entities. Built on an automated platform, the software solution adheres to guidelines issued by the Department of Internal Affairs.

Dr Nicholas Gilmour, an Executive Consultant for AML360 advises, “The real value to New Zealand businesses is the significant reduction in the time that it takes to implement the first two legal obligations. Whereas traditionally the undertaking of a business risk assessment and development of a programme can take months,through AML360’s web-based solution, the business user can complete these obligations within a day, whilst at the same time ensuring alignment to the most recent regulatory guidance” says Dr Gilmour.

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