Anti-money laundering NZ

Understanding anti-money laundering risks

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT) is the primary legislation
intended to satisfy New Zealand’s international obligations to combat money laundering. The Act establishes the grounds for
prevention, detection, investigation and prosecution of money
laundering.

The Act imposes obligations on reporting entities to
prevent and detect money laundering.
Reporting entities include financial institutions and
casinos.

“Financial institutions” is a widely defined term, and
generally include those who, as part of their business,
may receive cash and change it into another form.
The Act significantly tightens the provisions on
customer due diligence, suspicious transaction
reporting and auditing. It outlines what reporting
entities must do to ensure that their AML/CFT
programmes follow adequate and effective procedures.

This course will help you understand the various
identification and reporting obligations of the Act
as well as related legislation such as the Terrorism
Suppression Act 2002. Key concepts and obligations
are set out, from corporate compliance, customer
relationships, and customer due diligence to suspicious
transactions and the suppression of terrorism.
Employees of financial institutions need to understand
their obligations under the Act in order to ensure all
reasonable steps are taken to deter their institution
and its products and services from being used by a
person who is laundering money.

Who should do this training?
You should complete this course if you are involved in a compliance or risk management function, with the processing of financial transactions or with the opening of accounts at a financial institution or casino.