Regulatory Alerts2022-05-17
Added · Updated
Reserve Bank of New Zealand Guidelines on Anti-Money Laundering and Countering Financing of Terrorism
The Reserve Bank of New Zealand issued these guidelines to interpret statutory requirements for registered banks regarding policies, systems, and procedures to detect and deter money laundering and terrorism financing. The document mandates that all registered banks maintain effective AML/CFT programmes that comply with the AML/CFT Act 2009, including minimum requirements for risk assessments and audits. Additionally, the Reserve Bank requires bank applicants to demonstrate that their proposed compliance frameworks are reasonably likely to satisfy these obligations upon registration.
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