Here are the top 3 reasons why it is essential: 

 1. AML/CFT training is required by law in New Zealand so not only is it essential it is also compulsory. Reporting entities may be subject to regular reviews and site visits by the supervisors to ensure compliance with AML/CFT laws and regulations and these inspections can result in significant fines or penalties for reporting entities that are found to be non-compliant. 

 2. AML/CFT training helps employees of reporting entities understand the laws, regulations, and internal policies that are in place to prevent and detect money laundering and terrorist financing. This includes knowledge of suspicious activity reporting, customer due diligence, and sanctions compliance. 

 3. In addition, AML/CFT training also helps employees to identify red flags and other warning signs of illegal activities and understand how to report such activities to the appropriate authorities. This is critical as employees are often the first line of defence against money laundering and terrorist financing. 

The Strategi Compliance team provide training, audits and advice on every aspect of AML/CFT in New Zealand. Talk to us today about training options and how we can help you and your team get up to speed when it comes to AML/CFT obligations.