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The Department of Internal Affairs (DIA) has issued a formal warning to real estate agent Arizto over non-compliance regarding money laundering. Although there is no financial penalty and the DIA says the company “has demonstrated commitment towards improving its AML/CFT programme following the issuance of the DIA’s inspection report”, the reputational damage has been done.

Royden McGee is the Head of AML at Strategi Compliance and a certified anti money-laundering specialist (ACAMS). Having led an IRD investigation unit, taught NZ Police Detectives how to investigate money laundering and headed a specialist AML/CFT consultancy business, he was well placed to present at the 2023 AML Summit.

Here is a snippet of what people are saying about our popular AML/CFT sector specific training: “It was interesting and engaging, likely the best webinar I have attended regarding AML/CFT.” “Royden McGee was an excellent presenter and really interesting.” “Great to get some information that is industry specific from people who know about the specific challenges we face.”

Now is the time to secure your spot for sector-specific training and get clarity on upcoming AML/CFT Act regulations.

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) places obligations on New Zealand’s financial institutions, casinos, virtual assets service providers, accountants, lawyers, conveyancers and high value dealers to detect and deter money laundering and terrorism financing.

In recent months, the Department of Internal Affairs (DIA) has been actively addressing non-compliance within the real estate sector. Hills Real Estate, the latest agency to receive a formal warning under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act), highlights the need for increased diligence and adherence to regulations.

Royden McGee, a seasoned professional with 30 years of experience at the Inland Revenue Department (IRD), joined Strategi as Head of Compliance in 2021. Drawing on his extensive expertise in financial crime, encompassing tax evasion, fraud, and money laundering, Royden brings a wealth of knowledge to benefit our team and clients.

In a recent industry webinar, David Greenslade outlined the key compliance issues popping up time and time again in Financial Advice Provider (FAP) compliance reviews. He emphasised that ”The vast majority of FAPs are genuinely doing a good job at staying compliant, but they are often taking a more challenging route, which could gradually impact productivity, profitability and client engagement.”

The enactment of the Financial Markets (Conduct of Institutions) Amendment Regulations 2023 has provided further clarity regarding what is an acceptable incentive.

Strategi Institute is thrilled to introduce the Unified Funding System (UFS), a game-changing opportunity for financial services businesses to access high-quality vocational education and training at discounted prices. With limited spaces available, now is the time to invest in the growth and development of your workforce. Don't miss out on this incredible chance to equip your employees with the skills they need to excel in today's competitive landscape.