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Reserve Bank ultimatum on AMLC Report

Staff Reporter – 

Reserve Bank of New Zealand (RBNZ) has announced that all reporting entities should file their annual reports on or before August 31, 2015.

The requirement is in terms of compliance of Section 60 of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT) 2009.

The Annual Report is in respect of the period covering July 1, 2014 to June 30, 2015.

The Reserve Bank has published a blank copy of the template form (PDF 1.74MB) to enable reporting entities to submit their annual reports.

Annual reports must be submitted on the Bank’s secure upload facility, using the template form available at www.rbnz.govt.nz

Submissions can be made only through the Bank’s website between July 1, 2015 and August 31, 2015. The upload facility will be available on the Bank’s website from 1 July 2015.

The Bank will write to all of its reporting entities providing a unique reference code for use in their Annual Report.

AML guidance and publications

One of the statutory functions of an AML supervisor is to assess the level of risk of money laundering and terrorism financing across all the reporting entities it supervises.

RBNZ published its Sector Risk Assessment in March 2011.

The AML/CFT Act requires all reporting entities to prepare an Annual Report.

Risk Assessment

Risk Assessment is the first step that a reporting entity must take before developing a programme to address money laundering and terrorism financing risks. It involves identifying and assessing the risks a business might reasonably expect to face. The Risk Assessment guideline is in four parts and is accompanied by additional resources that may assist when conducting a risk assessment.

An AML/CFT programme sets out internal policies, procedures and controls to detect money laundering and financing of terrorism and to manage and mitigate the risk of it occurring.

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