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Anti-money laundering services

The first phase of New Zealand’s anti-money laundering regime came into force on 30 June 2013. Since then, most Financial Institutions became "Reporting Entities" and have been required to comply with the requirements of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 ('Act"). The regime continues to have a significant impact on a wide range of Reporting Entities including banks, finance companies, non-bank deposit takers, many other businesses and their customers.

The AML/CFT regime is evolving with Reporting Entities being required to comply with Prescribed Transaction Reporting requirements from 1 November 2017. A number of new non-financial businesses or professionals will become Reporting Entities as part of the second phase of the Act through the AML/CFT Amendment Bill when passed. The Bill is expected to be passed in mid-2017 and will redefine Reporting Entities as:

  • Financial institutions;
  • Casinos;
  • Lawyers and conveyancers from 1 July 2018*;
  • Accountants from 1 October 2018*;
  • Real Estate Agents from 1 January 2019*;
  • Trust and company service providers providing certain activities*; and
  • High Value Dealers and the New Zealand Racing Board become Reporting Entities from 1 July 2019*.

Existing and new Reporting Entities have a number of steps to complete to be compliant with the requirements of the Act. These include completing a Risk Assessment and developing an AML/CFT Programme of policies, procedures and controls.

*These new "designated non-financial business or profession" Reporting Entities will be required to comply to the extent that they carry out related activities including acting as a formation agent of legal persons or arrangements, providers of registered office or business address, managing client funds, providing real estate services or conveyancing. Please note this is not a full list of activities.

How can PwC Help?

PwC has a full AML/CFT service offering led from our Forensic Services practice, to assist clients comply with their obligations under the Act. Our AML experience is drawn from more than a decade of providing comprehensive AML/CFT Advisory and Audit services. Our expertise draws upon our local experience and the decades of AML expertise from the global PwC network.

Our services include:

  • New Reporting Entity AML/CFT Risk Assessment and Programme development and implementation solutions
  • Risk Assessment & Programme review and testing
  • Remediation of inadequate AML/CFT Compliance frameworks (resulting from audit, internal review, or supervisor inspection)
  • Investigation of AML/CFT events
  • Assistance with money laundering allegations including civil seizure and forfeiture by NZ Police
  • Training & workshops (including to meet your Programme requirements)
  • AML Audit services (performed in line with International Assurance Standards)
  • Pre-Supervisor inspection preparation
  • Operational effectiveness & internal systems testing
  • KYC consulting and insights
  • Ensuring local AML/CFT requirements are included in client's Global Programmes where a Reporting Entity has other jurisdictional or Global Entity AML/CFT requirements to meet
  • Assistance with Prescribed Transaction Reporting requirements (implementation and testing)
Please Contact
Stephen Drain

Stephen Drain

Partner | Auckland

Specialty
  • Fraud prevention and control
  • Fraud and corruption investigation and probity reviews
  • Full service Anti-money laundering assistance including tailored design, remediation, advice and audit
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Partner | Auckland
Tel: +64 9 355 8332
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