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A thumbnail guide to AML/CFT

Thought needs to be given to trust compliance in the face of new Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) laws. The main compliance components of the AML/CFT Act, which is New Zealand’s contribution to the international Financial Action Task Force (FATF) come into effect on 1 July 2013.

Banks, casinos and other financial institutions have been putting compliance regimes in place in anticipation of the forthcoming laws taking effect. By contrast exemptions in the regulations to the AML/CFT Act that apply to lawyers and accountants may have lulled many trust practioners into a false sense of complacency about “somebody else’s problem”.

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  • Rizwana Saheed: You are on the right track that there is an exemption when employees work overtime but whether or not...
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