From 30 June 2013, FMA’s role as a supervisor will be to monitor compliance with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act), including assessment of the adequacy and effectiveness of reporting entities’ systems and controls, to detect and deter money laundering and terrorist financing, and to take action where these fall below the expected standard.
Click here to see our report released today, outlining FMA’s priorities for monitoring reporting entities under the AML/CFT Act.
FMA is working on the Financial Markets Conduct Bill (FMC Bill). This is currently before Parliament and is the last major step in the reform of financial markets legislation in New Zealand. The Bill will govern how financial products are created, promoted and sold, and the ongoing responsibilities of those who offer, deal and trade them. It will also regulate the provision of certain financial services.
Look out for more information on our website over the coming weeks.
Earlier this week FMA released our report on General Obligations Review of NZX. The report summarises our assessment of compliance by NZX with its obligations. To view the report click here.