Lawyers are dragging their heels on anti-money laundering (AML) compliance, risking penalties of up to $5 million, reputational damage and full-scale police investigations when the regulator begins its inspections towards the end of this year. Also in the regulator’s...
A “wake up” call has been made today to company directors in New Zealand, alerting them to the personal risks they face from obligations under the country’s anti-money laundering laws. An Auckland-based hi-tech startup that is offering companies a state-of-the-art...
To comply or not…it’s your choice! here is a misguided assumption that the more money you throw at Anti Money Laundering risk the more effective you’ll manage it. This is far from the truth when looking to manage anti money laundering compliance. You have...
Introduction The Legal Sector has been captured under the new AML Regulations (Anti-Money Laundering and Countering Financing of Terrorism Act 2009) for just over 90 days and we have had time to measure the success and failures of AML Programmes. Organisations...
Keep our Money Clean There is a struggle going on behind the multiple facades of finance and commerce in New Zealand. It has to do with fighting crime, facing responsibilities and keeping the country honest. Specifically, the faceless villains are launderers of money...
Gone. Millions gone. A customer gone. The factory gone? Wait, what? The factory? This is a story of a true event caused by a failing in understanding risk, poor customer due diligence and cursory suspicious activity monitoring. I was too junior in my career to...
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