Regulatory Alerts2022-05-17
Reserve Bank of New Zealand Anti-Money Laundering and Countering Financing of Terrorism Sector Risk Assessment 2017
The Reserve Bank of New Zealand issued this Sector Risk Assessment to guide registered banks, non-bank deposit takers, and life insurers in evaluating their inherent money laundering and terrorism financing risks. The document assigns a High inherent risk rating to the banking sector, a Medium rating to non-bank deposit takers, and a Low rating to life insurers based on transaction volumes and product complexity. It identifies twelve key vulnerabilities and mandates that reporting entities use the assessment as a trigger to review and update their internal AML/CFT policies and risk controls.
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