Regulatory Alerts2022-05-17
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RBNZ Outreach – June 2019: Evolution in Enforcement
The Reserve Bank of New Zealand announces a reduced tolerance for AML/CFT breaches and an increased appetite for formal enforcement actions against Reporting Entities starting 1 September 2019. The regulator introduces new classifications for Material Breaches, Minor Breaches, and Deficiencies, while emphasizing that inadequate Risk Assessments are a primary driver for enforcement referrals. Reporting Entities are expected to immediately review their compliance frameworks to align with minimum requirements and prepare for the upcoming FATF mutual evaluation in March 2020.
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