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

Simplified, affordable solutions to fit your business

Getting Ready for AML Audits

Preparation is key! Our “Getting Ready for Audit” guide will ensure a smoother and cost-efficient process.

Path to compliance

On the path to compliance, but not quite there? We can help you get there.