Message from our AML-CFT Director
06 December 2022
Kia ora koutou
It has been an exciting year for the AML/CFT group. We saw many of you at events or interacted with you through one of many engagements including desk-based reviews, onsite inspections and educational visits. The breadth of our interactions is vast and in the 2021/2022 financial year alone, we completed 1200 engagements and look forward to more in the new year.
Our regulatory approach has been to use our full suite of tools available from education to enforcement but with a particular focus on targeted, thematic reviews to assess compliance with certain obligations.
Given the maturity of the AML/CFT regime, we are also increasingly considering enforcement action as a necessary measure to ensure compliance. One example is our formal warning issued to Openpay Pty Ltd. 2022 also delivered a significant decision from the Supreme Court when it dismissed an application for leave to appeal NZ’s first criminal prosecution under the AML/CFT Act 2009.
We also published two important documents: our Approach to Regulation of Anti-Money Laundering and Countering Financing of Terrorism (PDF, 4.4MB) and our Guide to DIA’s Anti-Money Laundering and Countering Financing of Terrorism Compliance and Enforcement Activities (PDF, 7.4MB). If you haven’t read them, I encourage you to take a look.
Looking towards 2023, we will continue our routine operational activities and concentrate on thematic reviews, both desk-based and onsite. We will also focus on some significant initiatives: implementing the recommendations from the Statutory Review; re-connecting with our national and international partners in-person; and we will continue to implement the recommendations of the FATF Mutual Evaluation, particularly in investigations and enforcement. We will also look to enhance your ability to prevent terrorism financing through delivering more guidance and education.
A reminder that our office will be closed for a short period of time over the holiday season and we won’t be monitoring our emails during that time. If you do email us, we will be back in touch in the New Year.
Meri Kirihimete from all of us in the AML/CFT Group!
Mike Stone
Director AML/CFT Group
