Story image

EBOOK: Don't get caught out by the updated Anti-Money Laundering Act

14 May 2018

Money laundering is a serious offence, something the Australian Commonwealth Bank is finding out the hard way after being fined millions on money laundering charges.

It can be difficult for small-to-medium businesses to perform their due diligence to ensure they’re complying with this legislation when their resources are stretched.

However, New Zealand businesses will have to start taking the appropriate measures as changes to the Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) Act 2009 come into effect.

From July 1, legislative requirements are being extended and the obligations under the act will now be imposed to the legal, real estate, sports betting, and high-value goods industries (jewellery, precious metals, precious stones, watches, motor vehicles, boats, art or antiques where they take cash payments of $15,000 or more).

It’s estimated that the new legislation will more than quadruple the number of businesses affected in New Zealand.

In order to prepare New Zealand businesses, Bartercard has created an ebook that covers the most important changes coming into effect in two months.

The AML and CFT Act Guide introduces and discusses some of the obligations imposed on reporting entities, how to better understand AML compliance for a business and all aspects of the Anti-Money Laundering Act.

The major changes include

  • The need for a designated employee (Compliance Officer) to administer and maintain a company’s AML/CFT programme
  • Customer Due Dilligence will need to be performed on new customers and existing business relationships in the future
  • Understanding how to identify suspicious customer activity.

Check your compliance posture and make sure your business is ready.

Download the e-book now.

How big data can revolutionise NZ’s hospitals
Miya Precision is being used across 17 wards and the emergency department at Palmerston North Hospital.
Time's up, tax dodgers: Multinational tech firms may soon pay their dues
Multinational tech and digital services firms may no longer have a free tax pass to operate in New Zealand. 
Spark’s new IoT network reaches 98% of New Zealand
Spark is the first company to confirm the nationwide completion of a Cat-M1 network in New Zealand.
WhatsApp users warned to change voicemail PINs
Attackers are allegedly gaining access to users’ WhatsApp accounts by using the default voicemail PIN to access voice authentication codes.
Robots to the fore – Key insights for New Zealand Business into RPA in 2019
From making artificial intelligence a business reality to closer ties to human colleagues, robotic process automation is gearing up for a strong 2019.
50 million tonnes of e-waste: IT faces sustainability challenges
“Through This is IT, we want to help people better understand the problem of today’s linear “take, make, dispose” thinking around IT products and its effects like e-waste, pollution and climate change."
Vocus & Vodafone unbundle NZ's fibre network
“Unbundling fibre will provide retail service providers with a flexible future-proofed platform regardless of what tomorrow brings."
IDC: A/NZ second highest APAC IoT spenders per capita
New IDC forecast expects the Internet of Things spending in Asia/Pacific excluding Japan to reach US$381.8 Billion by 2022.