Specialist advice helps ensure compliance
Designed to stop terrorists and criminals laundering their money, the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 requires businesses to comply with a set of requirements and standards. Recently, the Financial Markets Authority (FMA) has stepped up action for non-compliance and is showing less tolerance for those companies that do not meet their obligations. Other regulators include the Reserve Bank and the Department of Internal Affairs.
Who is required to comply?
Reporting entities and most financial service providers and businesses that offer credit contracts, lawyers, conveyancers, accountants, virtual assets service providers, high value dealers, casinos and real estate agents are just some of the business categories with obligations under the Act. The FMA has warned it will execute more in-depth assessments of how firms add new customers and monitor their accounts and transactions. Get specialist legal advice. Talk to McVeagh Fleming.