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In a recent review of audit reports completed by Strategi, it's evident that many reporting entities are still struggling to grasp the full scope of Customer Due Diligence (CDD) requirements under AML/CFT regulations.

In the world of AML/CFT compliance, having solid policies and procedures is crucial. But here's the catch: if nobody's checking to see if they're actually being followed, those rules won't do much good. That's where controls come into play. Let's take a closer look—what exactly are controls, why are they important, and how can they help protect your business?

Our sector-specific refresher training has been a hit, and we're excited to continue it into 2024.

CoFI (Conduct of Financial Institutions legislation) primarily impacts upon banks, NBDTs and insurance companies. However, any FAP which is deemed to be a financial intermediary for a financial institution (banks, NBDT, and insurers) will be caught by CoFI incentive rules.

FAPs are rapidly evolving to provide a broader service offering to clients. This is a logical move as research shows clients want to simplify their finances and deal with fewer firms. Providing a holistic advice service within a FAP will help substantiate the fees charged to clients.

FAPs are already required to comply, but starting from 1 July 2024, other licensed entities will also be affected by the new standard condition.

It seems like every time we open the news lately, there's another story about the rise of 'mule accounts' in New Zealand's money laundering scene. But what exactly are these accounts, and how do they play into criminal activities?

All Anti Money Laundering and Countering Financing Terrorism (AML/CFT) Act reporting entities must comply with the second round of regulatory changes set to take effect on 1 June 2024.

Our sector-specific refresher training is designed for all staff involved in AML/CFT matters, and here's the best part—you can count it as annual refresher training for any staff member dealing with AML/CFT compliance.