800 AML returns sent to FMA

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More than 50 reporting entities the FMA had expected to submit anti-money laundering returns this year have not yet done so.

Wednesday, September 3rd 2014, 6:00AM 2 Comments

by Susan Edmunds

The deadline for the first of the annual reports required under the AML legislation was due on August 30.

The FMA received 800 completed returns from its reporting entities.

It is one of three supervisors for the legislation. The FMA is responsible for AFAs, issuers of securities, brokers, trustee companies, futures dealers and collective investment schemes.

Spokesman Andrew Park said there were a few more reporting entities that it had expected to get returns from, but who had not yet filed. Between 50 and 100 who had indicated they thought they were reporting entities under the AML legislation had not filed. “We’re sending out a handful of reminders, we’re going to keep the portal open for those late filers.”

He said penalties had not yet been considered. “We’re hoping people won’t need too much more than a reminder notice.”

He said the reports were giving the FMA a better idea of how many AML reporting entities there were. “It’s giving us a much clearer understanding of the AML population out there.”

Some who had reported were entities the FMA had not been aware of. “That’s why we can’t put a figure on the number of reports still outstanding.”

About half the reports had come in during the last week and the FMA had been in communication with many advisers about the returns, Park said.

Advisers were also completing information returns at the same time.

Advisers were allowed to use best estimates to complete their AML returns this year. Park said the FMA would consider any changes to the questions and format for next year over the next couple of months. “The main thing is we came to a good resolution with all the different parties to make sure we got the most accurate information available.”

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