AML/CFT Act 2009

Question 1

What is the purpose of the Act?

Answer 1

1. Detect and deter ML/FT activities.
2. Maintain and enhance NZ’s international reputation by adopting FATF recommendations (where appropriate).
3. Strengthen public confidence in NZ’s financial system.

Question 2

What are 3 key things a business must do as part of the Act?

Answer 2

1. Appoint compliance officer.
2. Conduct written Risk Assessment of inherent risks (likely to encounter in the course of business ).
3. Create and implement AML/CFT Programme as per the Risk Assessment.

Question 3

Who are the Supervisor as per the Act?

Answer 3

1. FMA
2. DIA
3. Reserve Bank