One AML Audit

Information and Guidance

Frequently Asked Questions

What is AML/CFT?

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009  (AML/CFT Act) places responsibilities on New Zealand financial institutions, casinos, virtual asset service providers, accountants, lawyers, conveyancers, real estate agents and high-value dealers to detect and deter money laundering and the financing of terrorism. The Act ensures that businesses take appropriate and efficient steps to ensure that their clients are not money laundering or financing terrorism while contributing to public confidence in the New Zealand financial system.

What is an Independent AML/CFT Audit?

The AML/CFT Act requires Reporting Entities to have an independent audit of their Risk Assessment, AML/CFT Compliance Programme and processes. This must be conducted by an appropriately qualified and independent person. Read the Audit Guideline issued by the Supervisors here. If you need assistance with an independent AML/CFT audit please contact us here.

What is a Risk Assessment?

A Risk Assessment is a Reporting Entity’s foundational document which assesses the risks and vulnerabilities of being exposed to money laundering or terrorist financing.

What is a Compliance Programme?

A Reporting Entity’s Compliance Programme must be based on the risks assessed in its Risk Assessment and must set out internal policies, procedures and controls which will manage and mitigate money laundering and terrorist financing.

When are Annual Reports due?

Your Annual Report is due to be submitted to your supervisor by 31 August of every year. Each supervisor has their own portal of where to file the annual report. Find the links below:
DIA
FMA
RBNZ

When is my Independent AML/CFT Audit due?

Your Independent AML/CFT Audit is due two years from the inception of the Act, or the date of your last Independent AML/CFT Audit. Remember, that a lot of other Reporting Entities are also due for their Independent AML/CFT Audit all around the same time, so it is essential to book in your Audit well in advance.

What is the goAML portal?

The goAML portal is a portal run by the New Zealand Financial Intelligence Unit (FIU). This is an online reporting facility where you submit any Prescribed Transaction Reports (PTRs) or Suspicious Activity Reports (SARs). You can register to the goAML portal here.

One AML Blog