Anti-Money Laundering Regulatory Compliance  

Event Details

    AML and CFT trends in New Zealand and the Asia Pacific

    • Importance: why are we doing this?
    • Emerging trends and examples
    • How you can help protect yourself and your customers

     

    Overview of the legal framework

    • Coverage and scope - to whom the law applies
    • The AML/CFT Act and outline of compliance requirements 
    • Institutional framework - Supervisors, FIU, others
    • Enforcement - investigations, offences, penalties
    • Outputs - STRs and Asset seizure - how the new framework will help detect and deter money laundering

     

    Reporting entities’ main obligations under the Act 

    • Written Risk Assessment
    • Appointment of a compliance officer
    • Mandatory elements of an AML CFT programme

     

    Feedback from AML/CFT Act supervisors

    • Issues with AML/CFT risk assessments
    • Issues with AML/CFT programmes

     

    Mandatory requirements of your AML/CFT risk assessment

    • The rationale and method/s used to determine the level of risk of money laundering/terrorist financing associated with each of the mandatory requirements.
    • Whether the level of risk has been correctly assessed.
    • Whether it will help you determine the risks of your business facing money laundering or terrorist financing in the course of its normal operation.
    • Whether your risk assessment has set out how you will ensure it remains current.

     

    Preparing an AML/CFT programme.

    Mandatory requirements

    Policies, Procedures and Controls

    • Vetting of staff involved in AML/CFT duties (compliance officer senior managers etc.)
    • Staff training on AML/CFT and your polices processes for it
    • Customer due diligence – including
      • The use of supervisors’ ID verification code of practice
      • When enhanced and simplified CDD could be conducted
      • Beneficial ownership checks
      • Politically exposed person checks
      • Source of wealth checks
      • Establishing the nature and purpose of the relationship the customer wishes to engage in.
      • Account monitoring to ensure transactions align with known client financial health
      • STR reporting/recording/storage
      • Keeping written findings when dealing with customers from high risk countries
      • Preventing money laundering and terrorist financing through use of new technology e.g. some non-face to face trading across borders.
      • Using agents to conduct CDD on your behalf
      • Record keeping and if records are not kept in English, how they can be readily converted into English.
      • Monitoring and managing compliance with, and the internal communication of and training in your AML/CFT programme.

     

    Audit requirements

    • Biennial Independent Audit obligations
    • Choosing an Auditor
    • Level of Audit

     

    Reporting requirements

    • Annual reporting requirements

     

    AML and CFT trends in New Zealand and the Asia Pacific

    • Importance: why are we doing this?
    • Emerging trends and examples
    • Introductory concepts and definitions
    • FATF, APG and the international context
    • How you can help protect yourself and your customers

     

    Overview of the new legal framework

    • The AML/CFT Act and outline of compliance requirements 
    • Coverage and scope - to whom the law applies
    • Detailed aspects of Regulations, code of practice and guidelines
    • Institutional framework - Supervisors, FIU, others
    • Enforcement - investigations, offences, penalties
    • Outputs - STRs and Asset seizure - how the new framework will help detect and deter money laundering

     

    Reporting entities’ main obligations under the Act

    • Key elements of an AML CFT programme
    • Written Risk Assessment
    • Procedures to detect, deter, manage and mitigate AML
    • Appointment of a compliance officer
    • Administering and maintaining your AML/CFT programme
    • Customer due diligence processes
    • Reporting and auditing of suspicious transactions
    • Ongoing review and obligations

     

    Importance of the Written Risk Assessment

    • How to identify and measure risks in business nature, products & services, channels, countries, and customers
    • Policies, procedures, systems and controls you need in place
    • Internal and external sources of information
    • Written Risk Assessment - Policies, procedures, systems and controls you need in place
    • Monitoring a risk-based compliance programme

     

    Ongoing Risk Analysis

    • Identifying deficiencies in your systems, recording steps taken
    • Trusts and beneficial ownership
    • Altering and updating risk assessments for new products or expanded services, branches, changes in your sector
    • Looking ahead: anticipated changes in the law and the regime

     

    Customer due diligence

    • What are the requirements?
    • What you need to know about your customers – collecting customer data
    • Customer identification and verification
    • Dealing with higher risk customers
    • Source of Funds and Source of Wealth
    • Account monitoring
    • Thresholds on transactions and services
    • Procedures for customer due diligence discrepancies

     

    Senior management responsibilities

    • Practical solutions to the challenges of ensuring AML/CFT compliance
    • Compliance structure and governance
    • Training programmes
    • Employee due diligence and broader corporate intelligence capabilities

     

    Audit requirements

    • Biennial Independent Audit obligations
    • Choosing an Auditor
    • Level of Audit

     

    Reporting requirements

    • Annual reporting requirements
    • Suspicious Transaction Reports (STRs)
    • Obligations of the Compliance Officer
      Share
      Bring a colleague and save $300
      View public course calendar
      CPD
      Copyright © 2019 Brightstar Training.