The Reserve Bank has released its Sector Risk Assessment to help registered banks, non-bank deposit taking institutions and life insurers prepare to meet upcoming requirements under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
The Reserve Bank will be responsible for supervising compliance with this new legislation, which is expected to fully come into force in 2013.
This assessment is intended to provide guidance to the institutions the Reserve Bank will supervise as to the money laundering risk in their sector. This in turn will help firms in undertaking their own risk assessments.
The Sector Risk Assessment is available here.
The Financial Markets Authority and the Department of Internal Affairs are also releasing assessments relevant for the organisations they will supervise. These can be found on their websites – go to The Financial Markets Authority and The Department of Internal Affairs.