FMA report on AML/CFT 1 July 2014-30 June 2015

Aim: To summarise the findings of AML/CFT monitoring visits and desk based reviews of reporting entities, undertaken by the FMA during the period 1 July 2014 to 30 June 2015.

Outcome: Completing the module may help advisers and their businesses better understand FMA’s expectations, and therefore improve their systems and processes, and ensure compliance with the AML/CFT Act 2009 (the Act).

Abstract In the year July 2014 to June 2015 the FMA undertook 12 site visits plus conducted four desk-based reviews The FMA also examined 112 independent AML/CFT audit reports, as well as information required to be supplied in the 2014 and 2015 annual AML/CFT reports. Of the 800 entities supervised by the FMA, approximately two thirds are financial advisers, with the rest made up of securities and derivatives issuers, DIMS providers, licensed supervisors, fund managers, brokers, custodians, trustee companies, peer-to-peer lenders and equity crowd funders. This report reflects the FMA’s findings and includes specific observations for the various reporting entities, described above, to help them understand the new standards and the FMA’s expectations relating to the compliance with the Act.