AML non-compliance revealed
The FMA has released its first AML/CFT monitoring report. There are 588 AFAs who are reporting entities, of 796 supervised by the FMA.
In its first year of monitoring, it conducted 36 reviews of REs. The largest number of those were of financial advisers. There were six on-site reviews of advisers and five desk-based.
The FMA said it was pleased with REs’ attempts to comply. But there was non-compliance in a large proportion of those visited.
We considered that REs’ efforts to comply with their obligations under the AML/CFT Act simply did not meet expectations. Often there was a lack of support for AML/CFT compliance from senior management. This is of particular concern to us, as effectiveness of the AML/CFT regime will be substantially reduced if issues are not escalated and addressed at a senior level.”
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[Weekly Wrap] Research shows KiwiSaver is a key issue in the election; GRTV Special looks at what's on offer.](https://goodreturns.publit.io/file/c_fill,w_300,h_200/36b7de93-7b53-4a06-855a-4a8f4009a280.webp)
