AML/CFT compliance at heart of FMA’s corporate plan
The FMA has released its second annual corporate plan as the conduct and culture of New Zealand’s financial services industry comes under greater scrutiny.
The plan sets out the work the FMA intends to undertake in the year ahead.
“As the industry came to terms with new regulatory requirements, we have generally taken an educative and facilitative approach,” says Rob Everett, FMA Chief Executive.
“Now, we expect firms to demonstrate results. As key parts of our regime become more embedded, we are becoming less tolerant of a lack of attention by firms or individuals.
“This applies to areas such as AML/ CFT compliance, misuse of the Financial Service Providers Register, misconduct in relation to trading, inadequate or ineffective disclosure, poor work by auditors or failure to engage openly and honestly with us. We recognise that the behavioural changes and improved outcomes we seek may take time. However, we expect firms to be able to demonstrate progress in the areas noted above.”
Last updated on the 16th September 2019