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Recent high-profile actions against Sharesies, CLSA Premium, TSB, Westpac and others is sending some clear messages to the market. These include:

Ho hum is described in various dictionaries as being dull, routine, unpleasant and tedious. If this is how you think about AML/CFT, then these tips may help remove the ‘ho-hum’ and re-kindle a small glimmer of enthusiasm.

The Strategi Compliance Assurance Review is a comprehensive warrant of fitness for your business and includes a review of your FAP policies, processes, and controls as well as your advice documents. It’s an ideal low cost and highly effective way to identify what you are doing well and what could be improved.

In September 2021, the Financial Markets Authority (FMA) released their latest AML/CFT Monitoring Report which outlines findings from the last three years of regulatory review.

A huge worldwide media expose known as the Pandora Papers has revealed that at least two New Zealand trusts have been involved in shady practices.

All three sector supervisors understand that conducting business through varying levels of lockdown ranges from difficult to near on impossible at times.

Completing the level 5 qualification is not a ‘tick and forget’ activity. The Code of Professional Conduct for Financial Advice Services makes it abundantly clear- the standard of particular competence, knowledge, and skill required to provide regulated financial advice is that required in the New Zealand Certificate in Financial Services (Level 5) v2.

Strategi Institute has launched a new generation of its online learning platform – Radar – making it even better for its many subscribers.

Sometimes when working in AML/CFT compliance thoughts can creep into our mind that the work we do in this space will never come to anything – but it’s important to understand that any piece of suspicious information no matter how large or small may be vital to an investigation.

One of the biggest coups of the 2021 FIU / ACAMS Conference was a candid interview with David Lewis the Executive Secretary of the Financial Action Task Force (FATF) who spoke about the compounding threat to AML and CFT that is known as Crypto. He discussed how the initial risk approach to crypto has changed and what that means to reporting entities involved.