3-step plan for AML/CFT success in 2024

3-step plan for AML/CFT success in 2024

25 JAN 2024

In today’s regulatory environment it’s evident that AML/CFT Supervisor oversight in on the rise, emphasising the importance of reviewing your core AML/CFT documents regularly.

3-step plan for AML/CFT success in 2024

To help you navigate the regulatory landscape smoothly, we’ve outlined a straightforward 3-step process.

Step 1: Familiarise yourself with key documents

Start by revisiting the following key documents that outline national money laundering and terrorist financing risks, as well as sector-specific risks for 2024:

National Risk Assessment (NZ Police)

Financial Institutions Sector Risk Assessment (DIA)

Sector Risk Assessment (FMA)

Make sure your AML/CFT risk assessment uses the latest information to include all the known risks. Assign appropriate risk assessment indicators (low, medium, or high). These outcomes form the basis for shaping your policies, so it’s crucial to keep them current. 

Step 2: Stay informed with supervisor updates

Make sure you stay in the know about what your AML/CFT supervisor is doing throughout the year. Being on the mailing list with your assigned supervisor is essential for getting timely news.

Sign up here:

Department of Internal Affairs latest updates and newsletters.

Financial Markets Authority news and alerts.

Reserve Bank of New Zealand updates.

A practical tip is to regularly check the supervisors’ website news feed for important updates and actions needed. Consider bookmarking or saving the websites for quick access. 

Step 3: Review and test your processes

Thoroughly review and test all the processes outlined in your programme. The effectiveness of your controls is crucial to ensuring your programme is not only fit for purpose but also capable of doing what it promises. Record the outcomes of your control checks in writing to maintain a comprehensive record. Engaging Strategi to undertake these checks via its annual review process is a simple way to gain assurance you are on track. 

Should you have any questions or concerns, feel free to reach out to our friendly team at Strategi. We're here to help!