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When reviewing recent audit reports that Strategi have completed, we are still finding that a lot of reporting entities are struggling with the concept of what total due diligence encompasses in the AML/CFT context.

Identifying what you have and what you need from an education perspective is getting increasingly more important reports Altaf Shaikh, head of Strategi Institute: We have identified well over 1000 advisers who do not yet hold the Level 5 qualification and are on the FSPR as financial advisers. There are many more who will need to obtain an additional specialist strand and have not yet started the journey.

Over the years, acquiring the book of clients of a retiring adviser has been a great way to grow a business. However, the new advice regime has taken the gloss off some of the upside of this approach. Strategi has identified three key considerations for anyone undertaking or thinking about undertaking an acquisition.

Strategi Institute is pleased to announce that it has been approved as a Receiving Organisation for the New Zealand Certificate in Financial Services (Level 5) programme (NZCFS Level 5) as part of the Transition Plan of the Skills Organisation.

Midway through last year the timeframe for AML/CFT audits was extended to a maximum of three years, and for many businesses, their audit date is fast approaching. We know that you will want to achieve as good an outcome as possible, so we asked our expert AML/CFT audit team to put together their top tips for success:

A professional money launderer has avoided prison after the first covert investigation of its kind in New Zealand. Over a 20-month period Yinghui Zhang facilitated the flow of about $8.4 million through several bank accounts that he controlled, using his legal and fully compliant importing business as a front to avoid detection from authorities.

Transaction monitoring (TM) is the process through which reporting entities track and monitor the transactions made by its customers and is an important line of defence against money laundering.

Is your complaint disclosure process up to scratch? Tips from the Strategi team.

Controls are tools that management use to ensure the business is complying with the policies and procedures it has adopted. It is all well and good to have policies and procedures in place but if they are not tested regularly your business may be at risk. Think of controls as a practical way to safeguard your business.

New Zealand's first tranche of sanctions under the Russia Sanctions Act 2022 came into effect on 18 March 2022. The Russia Sanctions Act and Regulations have potential implications for any individual, entity, or financial institution in New Zealand, whether or not they are a reporting entity under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The extent to which a person is impacted depends on their dealings with designated persons, assets, and services.