Regulatory Alerts2022-05-17
Added · Updated
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 evaluate money laundering risks for registered banks, non-bank deposit takers, and life insurers under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The document assigns a high structural risk rating to registered banks due to their size and transaction volume, while assigning medium or low ratings to other sub-sectors like finance companies and credit unions. This assessment serves as foundational guidance for supervisors and reporting entities to prepare for upcoming AML/CFT compliance requirements by identifying key structural vulnerabilities and emerging risks.
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