Regulatory Alerts2022-02-27
Added · Updated
AML/CFT obligations
The Reserve Bank of New Zealand outlines the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 obligations for reporting entities such as banks, non-bank deposit takers, and life insurers. These entities must conduct risk assessments, appoint compliance officers, and implement comprehensive AML/CFT programmes that include customer due diligence, staff training, and suspicious activity reporting. The regulator emphasizes a risk-based supervisory approach and requires annual reporting using specific templates to maintain financial system integrity and international reputation.