Regulatory Alerts2022-05-17
Reserve Bank of New Zealand AML/CFT Supervisor Workshop on Transaction Monitoring and Electronic Verification
The Reserve Bank of New Zealand issued this workshop guidance to strengthen Anti-Money Laundering and Counter-Financing of Terrorism controls by aligning transaction monitoring scenarios with specific risk assessments. The document mandates rigorous verification of source of wealth for trusts and Politically Exposed Persons, requiring documented rationales for closing alerts and ensuring system and personnel assurance. It further establishes high-level principles for remote electronic identity verification, emphasizing the need for biometric confidence or multiple independent sources to mitigate digital onboarding risks.
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