Latest news with #Anti-MoneyLaunderingandCounteringFinancingofTerrorismAct
NZ Herald
01-08-2025
- Business
- NZ Herald
Christchurch Casino money laundering case: Internal Affairs settlement reached, casino chief apologises
Christchurch Casino's boss has apologised for "substantial" anti-money laundering failures after it was investigated. Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech. Already a subscriber? Sign in here Access to Herald Premium articles require a Premium subscription. Subscribe now to listen. Christchurch Casino's boss has apologised for "substantial" anti-money laundering failures after it was investigated. Christchurch Casino says it takes responsibility for major anti-money laundering failures and apologises to the community. The casino will pay more than $5 million after it and the Department of Internal Affairs (DIA) reached a settlement in civil proceedings. Casino chief executive Brett Anderson told the Herald he was sorry for 'substantial anti-money laundering failings'. 'Christchurch Casino was not directly involved in money laundering or the financing of terrorism, but we failed where we should have succeeded in meeting our responsibilities under the Anti-Money Laundering and Countering Financing of Terrorism Act.' On behalf of the casino board and management, he apologised to the Christchurch community and casino stakeholders.
Otago Daily Times
07-07-2025
- Business
- Otago Daily Times
Changes to anti-money laundering act
David Seymour and Nicole McKee. Image: RNZ Parents should find it easier to open a bank account for their child under changes to the government's anti-money laundering policy. Associate Justice Minister Nicole McKee made the announcement this afternoon with Acting Prime Minister David Seymour. Mckee said the changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act - designed to prevent serious crimes - would make opening an account for children easier, as regulations designed to prevent serious crimes "can make the process unnecessarily difficult". "A parent who wants to open an account for their eight-year-old child needs to gather and verify a long list of information including their child's address, date of birth, name, and their own authority to act on their child's behalf. "The Act also requires banks to obtain the nature and purpose of the business relationship, evaluate whether further due diligence is required, and monitoring the child's transactions on an ongoing basis." She said changes to the Anti-Money Laundering and Countering Financing of Terrorism Act amendment would mean banks could use a simpler process when the risk was low - for example, when a child's bank account had appropriate transaction limits. "All that could be required is a birth certificate to confirm the child's name and date of birth, and prove the relationship to the parent. They could also skip the intrusive and unnecessary questions about the 'nature and purpose' of the account, and reduce or forego ongoing monitoring of a child's banking activity, until the account's settings are changed (eg removal of transaction limits when a child turns 18)." The government had also directed the future supervisor of the Act to release clear guidance on how to apply these simple checks, she said.
Scoop
16-06-2025
- Business
- Scoop
Why You Can't Deposit Cash Into Someone Else's Account At The Bank
You can do lots of things at a bank branch, but depositing cash into another person's account is probably not one of them. A spokesperson for New Zealand's biggest bank, ANZ, said it stopped accepting over-the-counter deposits into someone else's account last year. "You can still deposit cash into your own account over the counter or any ANZ accounts you are a signatory on, including business accounts. "A customer who wants to make payments to another person can deposit the cash into their own account and then transfer the money electronically. "An ANZ cardholder can also deposit cash into an ANZ ATM, which has the deposit function - a smart ATM. All ANZ NZ branches have at least one smart ATM." He said, at a smart ATM, a customer could also put money into another ANZ account. Both ANZ and Non-ANZ customers can deposit cash into business accounts held with ANZ. Westpac said it also did not allow deposits into other accounts. "Similar to most other banks, only personal account owners or authorised related party signatories can make over-the-counter cash deposits into their own accounts. "We also accept over-the-counter cash deposits from non-personal entities, such as organisations or clubs, although the depositor must also supply their full name and telephone number. "From 30 June, 2025, people will need a Westpac card when depositing cash into a Westpac personal account - their own or someone else's - at our ATMs. There is no change for non-personal entities." ASB said its own customers could make deposits into other customers' accounts. People who were not ASB customers could too, if they met ID requirements. Financial coach Shula Newland said this seemed weird to some people. "Legal tender can't be banked into someone's account to pay for something," she said. "In my own personal experience, it now means, if someone wants to pay me in cash, I now have the chore of going down to the bank to have to bank it myself." Newland said moving away from cash meant everything could be tracked much more easily. New Zealand Banking Association chief executive Roger Beaumont said banks were required to comply with the Anti-Money Laundering and Countering Financing of Terrorism Act (AML), which could make accepting deposits difficult. "The law aims to stop people trying to disguise the origin of criminal profits, such as drug trafficking or fraud," he said. "Under the law, there are rules about verifying the source of the funds, and the identity of the person paying and the recipient. "In cases where you would like to make a cash payment at your branch to an account in another bank, your bank may not be able to comply with these rules. "Your bank may be able to suggest other ways you could make the payment." Banking expert Claire Matthews said that should not be a reason to stop accepting them. "I would have thought it would just be a flag that meant an explanation is required and only for large amounts." The change appears to be due to the work involved for branch staff in accepting a deposit. ANZ said it was not about AML so much as responding to changing customer behaviour. "More people are choosing to do their banking online or through our GoMoney app, with less than one percent of banking transactions now made in person."
Scoop
07-06-2025
- Business
- Scoop
New Zealand AML/CFT Compliance Updates To Require A Customer Risk Rating Model
Press Release – Asia Pacific AML Businesses that are captured under the Anti-Money Laundering and Countering Financing of Terrorism Act must now rate customers (interchangeably referred to as clients) and retain record keeping of the Customer Risk Rating Model. The Financial Markets Authority has issued the AML/CFT Customer Risk Rating Guideline. The Department Internal Affairs, another AML/CFT Supervisor, has set its boundaries of what regulatory expectation looks like for a Customer Risk Rating Model. Regulation 12AC Regulation 12AC came into force on 1 June 2025 and relates to obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act. Businesses that are captured under the Anti-Money Laundering and Countering Financing of Terrorism Act must now rate customers (interchangeably referred to as clients) and retain record keeping of the Customer Risk Rating Model. Fast Implementation AML360™ has a demonstrable solution for all sized businesses. Our systems allow businesses to quickly implement a reliable and tested risk-based solution. Providing a flexible scorecard and risk matrix model, risk configurations are easily updated to meet sector environment changes and regulatory updates. AML/CFT Risk Score Card The term Risk Score Card and Risk Matrix can be used interchangeably. The Score Card may in practice refer to the Risk Indicator level with a score of 1 for Very Low and a score of 5 for Very High. In between may be Low, Medium and High. The Score Card reflects the risk level that either increases (drives upward) or reduces (drives downward) the overall risk level. Where Score Cards reflect the individual risk sources, the Risk Matrix reflects the overall Risk Range. AML/CFT Ongoing Monitoring A Customer Risk Rating will feed into the frequency of Ongoing Monitoring and Reporting. Customer Risk Rating Reports and Ongoing Monitoring Records need to be maintained to demonstrate decision-making. AML/CFT Auditors and AML/CFT Supervisors will expect to test adequacy. Risk-Based Approach There does not need to be perfection in a risk-based approach. The AML/CFT Act expects reasonable adequacy. Ongoing Monitoring and Reporting should reflect that the Customer Risk Rating is in alignment with the Account Activity. When the risk levels of the account activity increase – so too should the Customer Risk Rating. When the risk levels of the account activity or products services decrease – so too should the Client Risk Rating. Case Management and Escalations Case Escalation systems should be available to enable the Anti-Money Laundering Compliance Officer to make determinations of whether a 'red flag' triggers suspicious activity. Customer Risk Ratings and Ongoing Monitoring This is where the real elbow grease starts with an AML/CFT compliance framework. If the business operations rely on labour intensive systems, then AML/CFT Compliance costs will likely be high. Not only will AML/CFT compliance costs be high, but AML/CFT compliance efficiency will likely be low. Labour Intensive Processes Push Up Costs AML/CFT compliance frameworks rely heavily on data management and risk decision-making. The process of decision-making is required to be demonstrated. Humans cannot think very fast when determining a lot of difference data sources. To streamline AML/CFT compliance, data science and data reporting systems are necessary. AML360™ AML/CFT regulatory technology combines data analysis and reporting to assists AML/CFT compliance efficiency, reduce operational cost and protect business brand. Ongoing Monitoring Requires Flexibility A Customer Risk Rating Model needs to have flexibility. This flexibility should enable Risk Score Cards and Risk Appetites to adjust to the business environment and regulatory updates. Regulatory updates may come from Sector Risk Assessments, National Risk Assessments, Codes of Practice or Guidelines. The quicker an AML/CFT Programme can adjust to these changes, the better the level of regulatory compliance. AML360™ Regulatory Technology Don't make the mistake of leaving AML/CFT compliance on the back-burner. Take control, reduce operational costs and gain compliance efficiency with AML360™. Our Customer Risk Rating Models are flexible to the Nature, Size and Complexity of business and industry sectors. AML360™ incorporates testing reports to support your risk rating methodology. Don't waste time or take regulatory risk with labour-intensive processes.
Scoop
07-06-2025
- Business
- Scoop
New Zealand AML/CFT Compliance Updates To Require A Customer Risk Rating Model
The Financial Markets Authority has issued the AML/CFT Customer Risk Rating Guideline. The Department Internal Affairs, another AML/CFT Supervisor, has set its boundaries of what regulatory expectation looks like for a Customer Risk Rating Model. Regulation 12AC Regulation 12AC came into force on 1 June 2025 and relates to obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act. Businesses that are captured under the Anti-Money Laundering and Countering Financing of Terrorism Act must now rate customers (interchangeably referred to as clients) and retain record keeping of the Customer Risk Rating Model. Fast Implementation AML360™ has a demonstrable solution for all sized businesses. Our systems allow businesses to quickly implement a reliable and tested risk-based solution. Providing a flexible scorecard and risk matrix model, risk configurations are easily updated to meet sector environment changes and regulatory updates. AML/CFT Risk Score Card The term Risk Score Card and Risk Matrix can be used interchangeably. The Score Card may in practice refer to the Risk Indicator level with a score of 1 for Very Low and a score of 5 for Very High. In between may be Low, Medium and High. The Score Card reflects the risk level that either increases (drives upward) or reduces (drives downward) the overall risk level. Where Score Cards reflect the individual risk sources, the Risk Matrix reflects the overall Risk Range. AML/CFT Ongoing Monitoring A Customer Risk Rating will feed into the frequency of Ongoing Monitoring and Reporting. Customer Risk Rating Reports and Ongoing Monitoring Records need to be maintained to demonstrate decision-making. AML/CFT Auditors and AML/CFT Supervisors will expect to test adequacy. Risk-Based Approach There does not need to be perfection in a risk-based approach. The AML/CFT Act expects reasonable adequacy. Ongoing Monitoring and Reporting should reflect that the Customer Risk Rating is in alignment with the Account Activity. When the risk levels of the account activity increase – so too should the Customer Risk Rating. When the risk levels of the account activity or products services decrease – so too should the Client Risk Rating. Case Management and Escalations Case Escalation systems should be available to enable the Anti-Money Laundering Compliance Officer to make determinations of whether a 'red flag' triggers suspicious activity. Customer Risk Ratings and Ongoing Monitoring This is where the real elbow grease starts with an AML/CFT compliance framework. If the business operations rely on labour intensive systems, then AML/CFT Compliance costs will likely be high. Not only will AML/CFT compliance costs be high, but AML/CFT compliance efficiency will likely be low. Labour Intensive Processes Push Up Costs AML/CFT compliance frameworks rely heavily on data management and risk decision-making. The process of decision-making is required to be demonstrated. Humans cannot think very fast when determining a lot of difference data sources. To streamline AML/CFT compliance, data science and data reporting systems are necessary. AML360™ AML/CFT regulatory technology combines data analysis and reporting to assists AML/CFT compliance efficiency, reduce operational cost and protect business brand. Ongoing Monitoring Requires Flexibility A Customer Risk Rating Model needs to have flexibility. This flexibility should enable Risk Score Cards and Risk Appetites to adjust to the business environment and regulatory updates. Regulatory updates may come from Sector Risk Assessments, National Risk Assessments, Codes of Practice or Guidelines. The quicker an AML/CFT Programme can adjust to these changes, the better the level of regulatory compliance. AML360™ Regulatory Technology Don't make the mistake of leaving AML/CFT compliance on the back-burner. Take control, reduce operational costs and gain compliance efficiency with AML360™. Our Customer Risk Rating Models are flexible to the Nature, Size and Complexity of business and industry sectors. AML360™ incorporates testing reports to support your risk rating methodology. Don't waste time or take regulatory risk with labour-intensive processes.
