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We are pleased to let you know Strategi Institute now has access to government funding, through TEC, to assist those registering to complete the New Zealand Certificate in Financial Services (Level 5) qualification.

As another compliance year is upon us, it is a timely reminder that the supervisors have expectations that your core AML/CFT documents are reviewed at least annually.

What is vetting? The purpose of vetting is to avoid hiring a person who may themselves pose an AML/CFT risk and involves following a process that reviews an employee’s background.

Most Phase 2 reporting entities (lawyers, accountants, and real estate agents) audits 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. To reduce the stress (and a possible fine) we strongly recommend you book in now.

The Financial Markets Authority (FMA) recently published a guidance note explaining their approach to applying and enforcing Code Standard 3 of the Code of Professional Conduct for Financial Advice Services (the Code), in relation to financial advice about financial products purchased for investment purposes.

All licensed Financial Advice Providers (FAPs) are required to submit annual regulatory returns.

Customer due diligence (CDD) is a crucial process reporting entities need to follow to not only identify and verify customers' identity, but also gather enough information to determine their level of AML/CFT risk.

AML/CFT training is an essential ingredient for reporting entities in assisting them in their efforts to detect and deter money laundering and terrorist financing.

Suspicious activity reporting (SAR) is a critical component of anti-money laundering (AML) compliance that requires reporting entities to report any suspicious or potentially illegal activity to the relevant authorities.

The key message from the FSC Future of Advice Masterclass was “Keep your eye on the main game.” They spoke about the importance of focusing on what you are good at and outsourcing the rest. So, what does this mean for Financial Advice Providers (FAPs) and their staff and how can we help?