Anti-Money Laundering and Countering of Financing for Terrorism law (AML/CFT).
Governments around the world are determined to stamp out shadowy practices in their financial and legal systems. The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog that sets international standards to counter these illegal activities and the harm money laundering and the financing of terrorism cause to society.
In New Zealand, the FATF recommendations have been implemented into law through the Anti Money Laundering and Countering of the Financing of Terrorism Act 2009 (AML/CFT). Now any business that is captured as a reporting entity must comply with the anti-money laundering laws.
Do you handle funds on behalf of a person or organisation? Congratulations – you may be a ‘reporting entity.’
How we can help.
If your business is a reporting entity under the AML/CFT law, it must undertake a risk assessment to scope the potential for money laundering or the financing of terrorism in its operations. It then needs to implement an AML/CFT programme that contains the policies, procedures and controls it will use to manage and mitigate the money laundering and terrorist financing risks identified. Your risk assessment and AML/CFT programme must be audited by an independent auditor at regular intervals set out in the law.
Do your processes and documents meet AML/CFT requirements? Don’t risk the expensive and embarrassing penalties of failure – commission Crawford Nelson to review your compliance or draft your risk assessment and AML/CFT programme.
Crawford Nelson also undertakes the regular audits required under the law to ensure ongoing compliance. If (when) you are audited by the Department of Internal Affairs, you need to be sure your AML/CFT processes will meet the required standard. We’re here to make sure that happens.
We work with a wide range of entities which need to manage the risk that criminals or terrorists will attempt to move funds through their systems. Our clients include:
- Law firms.
- Cryptocurrency and Value Added Service Providers (VASPs).
- Real estate agencies.
- Car dealers.
- Financial institutions.
We have represented organisations that were prosecuted under the AML/CFT Act, and successfully presented evidence and arguments in their defence.