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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

AML/CFT requirements and compliance - Compliance with AML/CFT requirements

59: Review and audit of risk assessment and AML/CFT programmes

You could also call this:

"Check and update your money safety plan regularly"

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

You must review your risk assessment and AML/CFT programme to ensure it is up to date. You need to identify any problems with the programme and make necessary changes. You have to check your programme regularly. You must get your risk assessment and AML/CFT programme audited every 2 years or when regulations say so. You can also be asked to do this by the AML/CFT supervisor at any time. This helps keep your programme working well.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140917.

Topics:
Money and consumer rights > Consumer protectionBusiness > Industry rules
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58: Risk assessment, or

"Figuring out money laundering risks for your business"

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59A: Audit of compliance with AML/CFT obligations, or

"Checking you follow the money laundering rules"

Part 2AML/CFT requirements and compliance
Compliance with AML/CFT requirements

59Review and audit of risk assessment and AML/CFT programmes

  1. A reporting entity (other than a high-value dealer) must review its risk assessment and AML/CFT programme to—

  2. ensure that the risk assessment and AML/CFT programme are up to date; and
    1. identify any deficiencies in the effectiveness of the risk assessment and the AML/CFT programme; and
      1. make any changes to the risk assessment or AML/CFT programme identified as being necessary under paragraph (b).

        1. A reporting entity (other than a high-value dealer) must ensure that its risk assessment and AML/CFT programme are audited every 2 years or during a different time period prescribed by regulations, or at any other time at the request of the relevant AML/CFT supervisor.

        Notes
        • Section 59: replaced, on , by section 29 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).