Report by Thomson Reutres ACCELUS:
For reporting entities in New Zealand the one-year countdown to Compliance Day — June 30, 2013 — has well and truly begun. The introduction of the country’s new anti-money laundering and counter financing of terrorism (AML/CFT) regime brings with it an onerous set of obligations and, for many businesses, it will be the first time they have appointed an in-house compliance officer. For others it will involve a significant investment of time and resources to put in place transaction monitoring and other automated compliance solutions to meet their obligations.
The scope of these challenges is not lost on the country’s three AML supervisors: the Financial Markets Authority (FMA), the Department of Internal Affairs (DIA) and the Reserve Bank of New Zealand (RBNZ). As one senior regulator tells Thomson Reuters in this special report, the road to compliance will be challenging for most reporting entities — but even more so for those that do not have existing in-house compliance programs and functions.
Link to the detailed report (requires free registration): click here