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AML/CFT reporting entity survey shows good awareness of obligations

06 April 2017

The Department of Internal Affairs has released a summary of the results of its 2016 Survey of AML/CFT reporting entities.

The department has now carried out three annual surveys of its reporting entities under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The surveys aim to assess reporting entities' awareness of their AML/CFT obligations.

The 2016 survey was carried out in May 2016 and the results have now been released. There was a 35% response rate.

The department is required to supervise a number of business types under the Act: Cash Transport, Casino, Debt Collectioni, Factor, Financial Leasing, Foreign Exchange, Non-Bank and Non-Deposit Taking Lender, Non-Bank Credit Card, Payment Provider, Payroll, Remittance, Safe Deposit, Tax Pooling, and Trust and Company-Servicer Provider.

It  says the survey results show there is a good level of awareness across the sectors of the obligations under the Act.

Survey participants were asked to self-rate their understanding of four areas: Conducting a risk assessment, Developing and reviewing an AML/CFT programme, Providing and annual report, and Submitting Suspicious Transaction Reports (STRs).

The results indicated an increase in confidence ratings in the first three, and maintenance of confidence rating for STRs.

"The majority of survey respondents continue to report high levels of awareness and confidence in their understanding of these requirements. Most respondents rate themselves as having a reasonable or extremely good understanding," the report says.

It notes that submitting STRs is an area of "a little less experience and certainty", while annual reporting is the area showing most increased confidence.

Last updated on the 16th September 2019