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AML/CFT implementation going well, says DIA

10 May 2018

Implementation of the AML/CFT regime is progressing well with lawyers and conveyancers the first of the new sectors to be covered by the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 from 1 July, the Department of Internal Affairs says.

In its first newsletter for 2018, the department says it released guidance for lawyers and conveyancers before Christmas.

It says updates of the 2011 Sector Risk Assessment guidance and the AML/CFT Programme Guidance will be released over the next few months.

The increase in reporting entities over the next two years will see the AML/CFT team at the department expanding, the newsletter says. There are 17 team members at present, but the department says it is looking at a further 35 to 40 staff over the next year to meet the increased workload.

The department says the results of its 2017 reporting entities survey are now available on its website. It says there was a response rate of 36%, with responses mostly positive.

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Last updated on the 16th September 2019