PwC’s Anti-money Laundering team uses experience and knowledge to help clients stay on the right side of the latest, evolving compliance laws.
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. The regime continues to have a significant impact on a wide range of reporting entities, such as banks, finance companies, non-bank deposit takers, as well as many other businesses and their customers.
The AML/CFT regime is evolving, too, with reporting entities obliged 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 – expected to be passed in mid-2017 – will redefine reporting entities as:
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.
PwC has a full AML/CFT service offering led from our Forensic Services practice, designed to assist clients comply with their obligations under the latest acts. Our AML experience is draws from more than a decade of providing comprehensive AML/CFT Advisory and Audit Services, while our expertise comes from our local experience and the decades of AML expertise from the global PwC network.
The anti-money laundering services we’re perhaps best known for include:
*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.