Regulatory Alerts2022-08-17
On-Site Inspection Guidelines June 2020
The Reserve Bank of New Zealand issues these guidelines to outline the process for Anti-Money Laundering and Countering Financing of Terrorism on-site inspections of reporting entities. The document details the planning phase, including the requirement for 12 weeks' notice and pre-inspection data submissions, as well as the inspection methodology focusing on the adequacy and effectiveness of compliance controls. It further specifies that the final report will categorize findings into material breaches, minor breaches, deficiencies, or recommendations, with a delivery timeframe of six to eight weeks post-inspection.
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