Regulatory Alerts2022-05-17
Guidance on Complying with AML/CFT Verification Requirements During COVID-19 Alert Levels
The Financial Intelligence Unit issued this guidance to assist reporting entities under the AML/CFT Act in managing compliance during New Zealand's COVID-19 Alert Levels. The document permits a risk-based approach for ongoing customer due diligence, allowing interim acceptance of scanned documents and the use of delayed verification provisions for new business relationships. Entities are required to implement transaction limitations and additional electronic verification measures to effectively manage money laundering and financing of terrorism risks while maintaining operational continuity.
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