The AML/CFT Act takes a risk-based approach to compliance. Read the AML/CFT Audit Guideline for risk assessment and AML/CFT programme. The supervisors have issued a guideline on how to complete a risk assessment. View Section 58 from New Zealand Legislation, Anti-Money Laundering and Countering Financing of Terrorism Act 2009.Ī risk assessment is the first step a business must take before developing an AML/CFT compliance programme. The AML/CFT Act calls this a risk assessment. Section 58 of the AML/CFT Act requires each reporting entity to assess the risk it may reasonably expect to face of money laundering and financing of terrorism in the course of its business. The AML/CFT Act imposes several obligations: Complete a written risk assessment Financial Markets Conduct Act exemptions.Business with nominated representatives.Business with financial advisers and nominated representatives.Business or individual with financial advisers.
Providing advice on behalf of someone else.Financial Services Legislation Amendment Act 2019 (FSLAA).Conduct of Financial Institutions (CoFI) legislation.Offer disclosure for equity and debt offers.Interposed persons under the financial advice regime.Standards for designated Financial Market Infrastructures.Explore your Financial Advice Provider (FAP) options.Discretionary Investment Management Service (DIMS).Client money or property services provider.Authorised body under a financial advice provider licence.KiwiSaver retirement projections: Case Studies.What to expect from your financial adviser.
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