Search

An AML/CFT exemption relating to tax transfers of excess tax has been granted by the Associate Minister of Justice. It is effective from 15 July 2022 and applies for five years.

Outsourcing customer due diligence (CDD) to specialist third-party providers is becoming the new normal for many reporting entities. If this is something your business does (or you are thinking about doing) it is important to remember that the third-party provider is not a reporting entity and is acting as your agent (as defined by section 34 of the AML/CFT Act).

As you march closer to your audit due date it is a timely reminder that Phase 2 reporting entities – law firms, accounting and bookkeeping practices and real estate agencies – all started on the same respective dates so waiting to the last minute will mean you may find yourself scrambling to find a competent auditor who is free to complete your audit.

It makes good commercial sense to expand the range of services you provide to clients as it potentially reduces revenue risk and strengthens client relationships.

16 March 2023 might seem a long time away, but with Christmas just around the corner, we are talking only 4.5 months. We have put together some tips and suggestions to help you get ready for the end of the transition period.

Every year the financial system grows in complexity creating new opportunities for criminals. As a result, anti-money laundering (AML) red flags are constantly changing so it is important to have a good grasp of what you should be looking for.

What is countering the financing of terrorism (CFT)? CFT is a set of government laws, regulations, and other practices that are intended to restrict access to funding and financial services for those designated as terrorists by the government. By identifying the source of the funds that support terrorist activities, law enforcement may be able to prevent some of those activities from occurring.

Further to our article in last month’s Ezine, DIA have clarified the obligations that apply to any accounting practice that conducts relevant exempt tax transfers.

Our FAP compliance assurance reviews have identified the advice disclosure process as the most common compliance issue for small to medium sized FAPs. In this article we provide a breakdown of the common issues and a list of simple solutions to make advisers lives easier.

Strategi’s sector specific refresher training has been hugely popular so we have opened another set of dates. The training is pitched at all staff that have dealings with AML/CFT (big or small) and can be recorded as your annual refresher training for staff that have any type of interaction with AML/CFT compliance.