The Dirty Money Series #10: Supervision and consultation

Posted by Dacreed on Jul 8, 2019 11:28:00 AM

Blog #10Reporting entities make a big difference in disrupting money laundering and terrorism financing in New Zealand and around the world. Appointed supervisors share a commitment to helping businesses meet their compliance obligations and keeping NZ’s money clean.
Three government agencies are responsible for supervising the various businesses and industries the AML/CFT (anti-money laundering and countering financing of terrorism) regime applies to.

The role of the supervisors includes monitoring and assessing money laundering and terrorism financing risks in each of their sectors, investigating possible breaches and enforcing the law when necessary.

Your AML/CFT supervisor will also closely review the procedures, policies and controls you have put in place to meet the requirements of the AML/CFT regime, including:

  • your compliance programme
  • customer due diligence
  • suspicious activity reports
  • prescribed transaction reports
  • record-keeping

Your supervisor has the right to access your AML/CFT documents and customer and transaction records to make sure you’re complying with your obligations. Supervisors take a risk-based approach, so how often you’ll need to grant access will depend on whether your business provides products and services that are at risk of being exploited by criminals.

Know where to go to get support

Support, guidance and feedback are available to help you understand and do what’s required. If your systems and processes don’t comply with the law, you’ll have to fix them. The supervisors have a range of tools in their compliance toolbox and their focus is on working with reporting entities to remedy situations.This can be something you discuss with your supervisor.


Next in The Dirty Money Series: Train your team on AML/CFT


Topics: Insider, Business Management, AML/CFT

Proactively train your staff in AML/CFT

With the Dacreed online compliance training system you can:

  • assess your team’s knowledge, application and retention of AML/CFT training
  • keep track of your team’s completion dates and completion rates
  • tailor the training for different employees depending on their roles and tasks