According to the FIU’s analysis of suspicious activity reports submitted via the goAML system, the most common categories were unusual transactions or activities, followed by large cash transactions, high-risk jurisdictions and third parties.
The report also contains discussion on the potential implications of emerging technologies relevant to the AML/CFT space and international case studies illustrating the various methods currently being used by criminals involved in money laundering and the financing of terrorism.
Furthermore, the report notes that the money laundering risk in New Zealand associated with drug dealing is estimated to be $700 million per annum. It states that investigating the movements of funds in and out of New Zealand will remain a focus to prevent and deter this money laundering and to reduce the associated harm drug use causes in our communities.
We recommend reading this report and using it to identify whether any changes are needed to your own risk assessment and AML programme.
The FIU’s SAR February 2021 update can be found here