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The annual FIU-ACAMS conference took place in Wellington in early November giving AML supervisors an opportunity to let their reporting entities know what is in store for the future. And they made their intentions very clear.

Buy now, pay later lender Openpay who have been operating in New Zealand since 2013 has been given a formal warning for weak anti-money laundering systems.

As you march closer to your audit due date it is a timely reminder that most Phase 2 reporting entities (Lawyers, Accountants and Real Estate Agents)– next round of audits are due in 2023 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.

Feeling stressed and worn out with staff shortages, rising costs, falling investment returns, constant delays and handling regulatory change? You are not alone. The team at Strategi are hearing this more and more.

Continuing Professional Development (CPD) is a key part of the Code of Professional Conduct for Financial Advice Services and will assume greater importance for the entire financial services industry in 2023.

The Financial Markets Authority (FMA) has provided good insights into what they expect to see regarding record keeping via the publication of two new information sheets

Meeting your AML/CFT obligations might only be a small part of what you do but it’s not something you want to get wrong. As 2022 rolls to an end we think it’s worth reviewing the main AML/CFT topics that arose this year. So, do a quick check and make sure you are on track:

In October 2022 the Financial Markets Authority (FMA) issued a formal warning to InvestNow Saving and Investment Service Limited for failing to comply with the AML/CFT Act.

The next round of audits for most Phase 2 reporting entities (lawyers, accountants, and real estate agents) are due in 2023 so waiting to the last minute may result in a scramble to find a competent auditor who is free to complete your audit.

There’s no doubt that 2023 has the potential to be a challenge and a mixed bag for some. But if you’re paying attention to what is happening in the industry and plan accordingly we think you will be well on the way to a successful year.