Local Company Distributes New Technology

Local Company Distributes New Technology for New Zealand’s Enhanced AML Laws
Wednesday, 9 May 2018, 6:00 am
Press Release: Asia Pacific AML

AML360 today announced the launch of a new product to coincide with New Zealand’s changes to anti-money laundering laws commencing from 1 July this year. This new release protects businesses who are struggling to meet their implementation deadline.

Each year about $1.35 billion from the proceeds of fraud and illegal drugs is laundered through everyday New Zealand businesses. To make it harder for criminals to profit from and fund illegal activity, the Ministry of Justice is extending the reach of anti-money laundering legislation to cover more businesses.

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.

“Often businesses lack the ‘How to’ aspects of what some consider complex law. This starts with their first obligation which is to carry out a written risk assessment to measure money laundering exposures from their products and services, as well as the vulnerabilities of their customer types,” says Kerry Grass, Founder of AML360. “Once the business risk assessment is completed the next regulatory requirement is to develop a programme setting out the policies, procedures and controls that will be applied to manage inherent and residual risks. They must have undertaken these requirements before transacting with their customers and clients.”

“To assist them better manage these changes, AML360 has launched a product that automates both the business risk assessment and programme. Comprehensive guidance manuals are included which ensure the business understands the results, as well as providing them best practice advice and knowledge on how to make modifications on an ongoing basis.”

A key benefit of this product is the significant amount of time that the business saves when preparing for their transition into anti-money laundering legislation. AML360 software allows owners and operators to be less distracted from their core business objectives,” says Grass.

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.

Visit: aml360software.co.nz

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