Are you a reporting entity covered under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009? If so, it’s time to start thinking about filing your annual AML/CFT report for 2021/2022.
One of the obligations of reporting entities under New Zealand’s AML/CFT regime is to prepare an annual report on its risk assessment and AML/CFT compliance programme. This can be submitted to the entity’s Supervisor (DIA, RBNZ, or FMA) through their respective online portal by 31 August 2022.
What is an annual AML/CFT report?
The annual AML/CFT report covers five general topics; your business contact details and organisation structure; Designated Business Group; AML/CFT risk assessment and AML/CFT programme; products and services, customers and channels; AML/CFT supervisor-specific questions; and compliance with exemptions.
If you do not submit an annual AML/CFT report, compliance action may be taken against you. If you supply false or misleading information, penalties may apply.
What is the purpose of the annual AML/CFT report?
It is recommended that reporting entities use the annual AML/CFT report as a way to review and update the status of their risk assessment and AML/CFT programme. The annual report also helps your Supervisor understand how businesses meet their AML/CFT obligations, assess and lessen their risk of money laundering and terrorist financing, and manage their financial activities.
How to submit an annual AML/CFT report
Your annual AML/CFT report must be submitted using your Supervisor’s online portal. You can find the links below:
Note: Your annual AML/CFT report may not be submitted using a template, and you cannot submit a handwritten copy.
If you need help filing your annual AML/CFT report or have any questions, please reach out to our team. We’d be happy to help.