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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

AML/CFT requirements and compliance - Customer due diligence

12: Reliance on risk assessment when establishing level of risk

You could also call this:

"Use a risk assessment to work out how risky something is"

Illustration for Anti-Money Laundering and Countering Financing of Terrorism Act 2009

When you are working out the level of risk, you must use your AML/CFT programme and risk assessment. You do this as per the rules in section 58. This helps you understand the risk involved.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140849.

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Part 2AML/CFT requirements and compliance
Customer due diligence

12Reliance on risk assessment when establishing level of risk

  1. When establishing the level of risk involved for the purposes of this subpart, a reporting entity must rely on its AML/CFT programme and its risk assessment undertaken in accordance with section 58.