Regulatory Alerts2022-08-17
Reserve Bank of New Zealand AML/CFT Sector Risk Assessment for Registered Banks, Non-Bank Deposit Takers and Life Insurers
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 sub-sector, a Medium rating to non-bank deposit takers, and a Low rating to life insurers based on their size, complexity, and transaction volumes. It identifies twelve key vulnerabilities and mandates that reporting entities use this assessment as a trigger to review and update their internal AML/CFT policies and risk management programs.
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