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In this article we look at why transaction monitoring is such a powerful tool for your business, some tips to follow when documenting your programme and why you should conduct a regular review.

The AML/CFT Act became law in October 2009 with its overarching purpose to detect and deter money laundering and contribute to public confidence in the financial system.

The Department of Internal Affairs (DIA) has made things very clear with the release of a document that reinforces their approach to AML/CFT regulation. The document is called “DIA’s Approach to Regulation of Anti-Money Laundering and Countering Financing of Terrorism 2022” and we have put together a summary to get you up to speed and help navigate any impacts on your business.

As many of you prepare for your next audit we wanted to share the most common audit findings from the last 12 months and provide recommendations and resources so that you can specifically review these areas before your audit commences.

No one wants to be fined for a late audit, so it pays to be organised and book it in early. There are other advantages to booking in early that you may not have thought of:

The valuation of financial advisory businesses steadily climbed over the past decade. However, the tide is now turning for some sectors. Strategi executive director David Greenslade takes a closer look at the financial advice industry and shares insight into some of the factors impacting valuations.

You don’t have to agree with them, but rules are rules, and they state that all those providing regulated financial advice must have the capabilities of someone who has attained the New Zealand Certificate in Financial Services (Level 5) Version 2 (NZCFS5(V2)). That does not mean a Financial Advice Provider (FAP) or its advisers must actually hold that qualification but from a practical perspective, attaining the NZCFS5(V2) is probably the fastest and cheapest way to go if the individual does not already have one of the earlier Level 5 financial advice qualifications.

The Financial Markets Authority (FMA) has made it widely known that unless you have your full FAP licence by 15 March 2023, you will no longer be able to legally provide financial advice. 30 September 2022 is the FMA recommended deadline to submit your full FAP licence application to meet the FMA guarantee of processing your application in time to meet the March cut-off.

This great article by Bill Rudnick and Scott Kapp in the USA reinforces the FMA research on what clients want. Strategi can assist businesses to evolve from having a product sales perspective to one where adding holistic value to the client is paramount.

Strategi Compliance has been busy over the last 12 months conducting comprehensive compliance assurance reviews for financial advice providers (FAPs). The team have reflected on the outcomes of these reviews and put together their top tips for those seeking to improve their overall compliance.