In keeping up with global best practice, the New Zealand Government has committed to reforming existing AML laws and regulations.  The proposed changes include:

• extending coverage of the FATF requirements to groups outside the core financial sector (to include life insurers, wealth management companies, real estate agents, lawyers, accountants, building and construction industries, etc.)
• using a risk sensitive approach to implement AML laws
• more stringent checks on customer identity and verification
• more detailed record keeping and reporting requirements
• increased monitoring of compliance with the FATF requirements (e.g., audit internal AML/CFT policies, introduce AML/CFT supervisory framework).

If formally converted into new legislation, the changes to AML regulations represent a significant challenge to the operational systems and procedures of New Zealand businesses. In light of the risks and current global climate towards institutions failing to prevent association with money launderers and terrorists, organisations cannot ignore their responsibilities in this area.

How We Can Help 

Deloitte's AML Services and Specialised Resources

We have studied the myriad ways money launderers work – smuggling, counterfeiting, corruption, third-party fraud or theft/diversion by insiders, etc. – and we have the skills and experience to help clients implement detection and compliance programs. Our services and specialized resources include:

• Compliance programs
• "Know Your Customer" and Enhanced Due Diligence
• Transactional Analyses ("Look-backs")
• Risk and Control Services
• Training
• Internal Investigations

Learn more about our services

What is AMLcheck™? Deloitte AMLcheck™ is the simple and cost effective way to help you meet your key anti-money laundering (AML) obligations such as name check, client identification and raising the awareness and knowledge of your staff. It provides easy access to a secure, web-based "Know-Your-Customer" tool. Visit the Deloitte AMLcheck™ website. Register to receive our communications and seminar invitations.