- The Sector Risk Assessment and National Risk Assessment should both inform your entity’s own Risk Assessment.
- The Lawyers and Conveyancers Guidance should answer a number of questions that accountants have too.
- Stay tuned for more information about the DIA/FIU roadshows expected to take place next June.
As we have reported over the last year or so, the New Zealand Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) legislation is getting closer for accountants and 1 October 2018 is when you will need to have a Compliance Officer, Risk Assessment and AML/CFT Programme in place. The legislation will apply to all accountants and bookkeepers whether they are members of a professional body or not.
The Department of Internal Affairs (DIA) will be the supervisors for the AML/CFT Act for accountants and a number of other professional sectors. Lawyers and conveyancers are the first to be covered under the amendment to the AML/CFT 2009 Act and they will need to be ready to comply by 1 July 2018.
Sector Risk Assessment and Guidance
DIA have developed a Sector Risk Assessment (SRA) for newly covered sectors which will be published just before Christmas, along with other new and updated guidance. The Lawyers and Conveyancers Guidance has just been released and can be found under the same AML/CFT website menu as the SRA. It may be worth your while to take a look at that, as the Accountants Guidance will have much the same flavour and very similar content.
Keep an eye on this DIA webpage as materials are added as they will help raise your awareness of money laundering risks and what you need to do to prepare. For example the ‘Prompts and Notes’ Guidance will provide accountants and other sectors with a series of questions and suggested best practice to help guide the development of a Risk Assessment and AML/CFT Programme. These resources will aid your learning of AML/CFT and how it will affect your business and help you to begin your planning now.
Have a look at the Sector Risk Assessment and Lawyers and Conveyancers GuidanceAccess now
National Risk Assessment
The New Zealand Police’s Financial Intelligence Unit (FIU) is currently revising the National Risk Assessment (NRA) to replace the inaugural 2010 version. The AML/CFT regulations tranche 1 consultation paper said it was intended to be available in November. We understand this has now been pushed back to December.
The NRA examines current AML/CFT risks and typologies in New Zealand, and looks at emerging AML/CFT vulnerabilities as money laundering methods get more sophisticated aided by new technologies.
Extent of money laundering in New Zealand
The NRA can be found here once publishedRead now
DIA and FIU are also planning a series of roadshows around the country after the Accountants Guidance is published around 31 March next year. While dates have not been finalised yet, roadshows will most likely take place around June 2018.
Please keep an eye out in upcoming editions of Insight as further AML/CFT information will be published as we get closer to 1 October 2018. Also keep an eye out for AML/CFT content in webinars and conferences next year. Already we have speakers from DIA and other government agencies lined up to help us get to grips with the requirements of the new legislation.
Taking advantage of the learning opportunities available will help accountants build a solid picture of what compliance looks like and how DIA and the sector can work together.
If you have any questions for DIA you can contact them.Email now