Financial Markets Authority AFA Update: Issue # 24

Annual AML/CFT reports are due soon!

All AFAs who are reporting entities under the AML/CFT Act 2009 are required to prepare an annual report on their risk assessment and AML/CFT programme. If you are unsure if you are a reporting entity, see our AML/CFT Guide for small financial adviser businesses. The first report for the period 1 July 2013 - 30 June 2014 must be submitted to FMA by 30 August 2014.

You can submit your annual AML/CFT report, using our standard template, any time between 1 July 2014 and 30 August 2014. The report template and information on how to complete and submit an annual AML/CFT report will be published on our website no later than Tuesday, 1 July.

The annual report will provide FMA with important information on your business to help us:

  • understand your business
  • ensure information we have on your business is current
  • better understand the controls you have in place to reduce the risk of money laundering and terrorist financing occurring in your business
  • determine whether a compliance review or monitoring visit to your business is necessary.

More information on annual AML/CFT reports can be found on our website. If you have any further questions please email aml@fma.govt.nz

Updates to Guidance Notes

Due to the revised Code of Professional Conduct coming into force last month, we have begun updating information on our website - specifically some of our guidance notes on DIMS, Limited Personalised Advice and Client Communications and Record Keeping. Other materials are also being reviewed and updated and we’ll let you know when these have been completed.

Financial Advisers Code Committee Seeking Expressions of Interest

Expressions of interest are being sought for membership to the Code Committee. Find out more about the role and requirements here.