Regulatory Alerts2022-05-17
AML/CFT Update from the Reserve Bank
The Reserve Bank of New Zealand issued this June 2020 update to guide reporting entities on maintaining vigilance against money laundering and terrorist financing risks during the COVID-19 pandemic. The document outlines key findings from 2019 inspections, details the ongoing Mutual Evaluation of New Zealand's AML/CFT system, and provides specific guidance on customer due diligence and account termination under varying alert levels. It also highlights international developments including FATF risk publications, strategic deficiency lists, and upcoming SWIFT ISO20022 migration impacts on reporting obligations.
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