AML returns relying on estimates
Under the AML legislation, reporting entities must file their first annual return by the end of August.
They are allowed to use “best estimates” to answer questions for which they have not kept information – such as 6.1, which asks for details of transactions advisers have been involved in. That has been contentious – industry body SiFA has argued that it should be only transactions that the adviser has settled and received money for, not any in which they have had a hand.
For many, it is the first time they are being held to account for their AML processes. Since the middle of last year, reporting entities have had to have a risk assessment and management process in place.
FMA spokesman Andrew Park said the number of returns being submitted was increasing every day. On Monday, he said about 50 had been completed in the past 24 hours.
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