Entities are required by law to have their risk assessment and AML/CFT programme audited by an independent auditor every two years.
For this year’s review the FMA selected 64 entities to inspect their audit report files and the details of any action, or planned activity, resulting from their last audit report. As a result of this review:
· Five formal warning were issued to reporting entities for failing to have their risk assessment and AML/CFT programme audited within the last two years.
· The FMA has also issued compliance letters to five reporting entities requesting follow-up action by the entity or further information.
· A further six monitoring visits will be carried out in response to this work.
Liam Mason, FMA director of regulation said, “Our monitoring in this space shows the vast majority of entities we supervise meet their legal requirements to tackle money laundering and the financing of terrorism. It is only fair to take action against those who don’t.”
The names of the five entities have not been published. They are either small businesses or individuals and to do so would be disproportionate, the FMA said.
In February last year, the FMA warned 12 reporting entities under the AML/CFT laws after requesting information from 77 reporting entities.
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