At the end of last year the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) supervisors (the Department of Internal Affairs, Financial Markets Authority and Reserve Bank of New Zealand) published the AML/CFT Programme Guideline to assist reporting entities in developing their AML/CFT programme. The Guideline outlines the minimum requirements for an AML/CFT programme and explains who is responsible for a reporting entity's AML/CFT programme.
All reporting entities covered by the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 must be compliant when the remaining provisions of the Act and regulations come into force next year on 30 June 2013.
For further details on the new AML/CFT regime see Issue No. 10 of Corporate Reporter.