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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

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

59B: Who carries out audit

You could also call this:

"Who does the independent check of the money laundering rules?"

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

You need to have an audit done by someone who is independent and qualified. This person is chosen by the reporting entity to do the audit. They do not have to be a chartered accountant. You cannot choose someone who helped set up the AML/CFT programme or did the risk assessment. The audit checks if the risk assessment meets the requirements in section 58(3). The reporting entity must give a copy of the audit to their AML/CFT supervisor if asked. The audit is done under sections 59 or 59A. The person doing the audit must be independent and not involved in the AML/CFT programme. They must give the audit results to the supervisor when requested.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7407687.

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

"Checking you follow the money laundering rules"

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60: Annual AML/CFT report, or

"Send a yearly report on your plan to stop money laundering and terrorism funding"

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

59BWho carries out audit

  1. An audit under section 59 or 59A must be carried out by an independent person, appointed by the reporting entity, who is appropriately qualified to conduct the audit.

  2. A person appointed to conduct an audit is not required to be—

  3. a chartered accountant within the meaning of section 19 of the New Zealand Institute of Chartered Accountants Act 1996; or
    1. qualified to undertake financial audits.

      1. A person appointed to conduct an audit must not have been involved in—

      2. the establishment, implementation, or maintenance of the reporting entity's AML/CFT programme (if any); or
        1. the undertaking of the reporting entity's risk assessment (if any).

          1. The audit of a risk assessment under section 59 is limited to an audit of whether the reporting entity's risk assessment fulfils the requirements in section 58(3).

          2. A reporting entity must provide a copy of any audit to its AML/CFT supervisor on request.

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