The Department of Internal Affairs, the Financial Markets Authority and the Reserve Bank of New Zealand have released the updated Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Programme Guideline linked here: AML/CFT Programme Guideline
This update reflects a comprehensive review following the Ministry of Justice 2022 Statutory Review of the Act, as well as the new regulations that took effect on 31 July 2023 and 1 June 2024.
Key updates include:
- Reordered and expanded content across eight sections, providing an overview of the requirements of the Act that must be included in any AML/CFT programme.
- Explains outsourcing options for Customer Due Diligence (CDD) and requirements for implementing and maintaining your AML/CFT programme.
- Sets out the supervisors' view of interpretation of various requirements and provides check lists for complying with the Act.
You should review this updated guideline to ensure your practices align with your regulatory obligations. Your commitment to maintaining robust AML/CFT practices is crucial to protecting our financial system.