Regulatory Alerts2022-05-17
Impact of Russia Sanctions on AML/CFT Reporting Entities
The Ministry of Foreign Affairs and Trade issued this notice to inform AML/CFT reporting entities about the Russia Sanctions Act 2022 and its immediate implications for financial compliance. The document mandates that duty holders report any assets or services provided to designated persons to the New Zealand Police Financial Intelligence Unit via Suspicious Activity Reports. Reporting entities are further reminded to conduct enhanced customer due diligence to identify sanctioned individuals and seek legal advice before proceeding with any suspected transactions.
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