AML/CFT supervisors release updated guidelines for reporting entities

Today, the Financial Markets Authority, the Reserve Bank of New Zealand and the Department of Internal Affairs (the supervisors) released new and updated guidelines for reporting entities under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime.

This guidance is valuable for current Phase 1 reporting entities as well as lawyers, accountants and real estate agents who are preparing to become reporting entities under Phase 2 of the AML/CFT regime.

The new enhanced customer due diligence (EDD) guideline, in particular, gives AML/CFT reporting entities valuable guidance, including for example:

• when the level of risk in a particular situation requires EDD