What you need to comply:

  • Appoint an AML Compliance Officer
  • Written Risk Assessment of your business
  • Written Compliance Programme setting out your policies, procedures and controls to mitigate the risks
  • Customer due diligence
  • Ongoing account monitoring
  • Reporting on suspicious activity and prescribed transactions
  • Audit of your AML regime every two years
  • Submit an annual report to the DIA

Download our “Steps to Compliance Chart .
(112K PDF)

What happens if we don’t comply?

The DIA conducts desk-based reviews as well as on-site audits on reporting entities – they have the power to perform these on-site audits unannounced.
The penalties for non-compliance in the case of an individual, is either or both of the following:

  • A term of imprisonment of not more than 2 years
  • A fine of up to $300,000

For a firm, the penalty is, a fine of up to $5 million.

Phase 1 of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act has been in force since 2013. It applies to banks, casinos and a range of financial service providers. In 2017, a test case for anti money-laundering regulations resulted in an Auckland forex broker slapped with a $5.3 million fine and its director banned from business. More recently, the DIA have accused another firm of failing to meet the Anti-Money Laundering and Countering of Financing Terrorism Act’s requirements for customer due diligence, account monitoring, record keeping and risk assessment – the DIA sought a fine of $2.6m.

How can we Help?

AML Documentation DIY Packages

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