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


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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Real Estate: Foreign Buyers Ban Passes Third Reading

The Bill to put in place the Government’s policy of banning overseas buyers of existing homes has passed its third and final reading in the House. More>>


Nine Merger: Fairfax Slashes Value Of NZ Business

Fairfax Media Group more than halved the value of its Kiwi assets, attaching just A$40 million to mastheads that were once the core of a billion dollar investment. More>>

Collecting Scalpers: Commerce Commission To Sue Viagogo

The Commission will claim that Viagogo made false or misleading representations: • that it was an “official” seller, when it was not • that tickets were limited or about to sell out • that consumers were “guaranteed” to receive valid tickets for their event • about the price of tickets... More>>


Price Of Cheese: Fonterra CEO Goes Early After Milk Price Trimmed

Aug. 15 (BusinessDesk) - Fonterra Cooperative Group chief executive Theo Spierings is leaving the role early after the world's biggest dairy exporter lowered its farmgate payout and trimmed its dividend to retain cash. More>>