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Audit Relief during COVID-19

The DIA has announced  that Phase 2 reporting entities who not able to complete their first audit due to being affected by COVID-19, will not have adverse compliance action taken against them. RE's should be able to explain how COVID-19 affected their ability to complete their audit and be able to demonstrate steps taken to do so when Alert levels are lifted.  Audits must be completed as soon as practicable upon lifting of the Alert levels. If Phase 2 RE's are able to complete the...

April 29, 2020

AML/CFT Audits for Lawyers

From 1 July 2018, most lawyers are captured under the AML/CFT Act  and therefore have several AML/CFT requirements.  These requirements include: Appointing a compliance officer;Conducting a Risk Assessment;Developing an AML/CFT Programme based on the Risk Assessment;Keeping AML/CFT documents up-to-date;Conducting Customer Due Diligence;Regular staff training on AML/CFT; Annual reporting on AML/CFT to the DIA; andAML/CFT Audit every two years, which involves having the Risk Assessment a...

April 17, 2020

AML/CFT Verification during COVID-19

On 26 March 2020, AML/CFT Supervisors (FMA, RBNZ and DIA) published a Guidance on complying with AML/CFT verification requirements during COVID-19 Alert Levels  At COVID-19 Level 4, only those reporting entities providing essential services are able to continue to operate at their premises and must operate in a way that limits the risk of the spread and transmission of COVID-19, with limited interactions with customers.  Current customers The supervisors understand that, in the curren...

April 2, 2020 Posts 1-3 of 3 | Page
 

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