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Articles tagged with 'AML'

Identity verification requirements 'empire building'

23 September 2019 - [UPDATED] An Auckland financial adviser wants a rethink of the identity verification requirements for AML.

FMA dishes out AML warnings

13 May 2019 - The regulator responsible for financial advisers under the AML regime says it has given formal warnings to 10 reporting entities - and most of them were small businesses or individuals.

FMA: Make sure 'off-the-shelf' compliance solutions are a good fit

2 April 2019 - Advisers who have paid for an AML programme from a compliance consultant need to ensure that it's the right fit for their business, the Financial Markets Authority says.

AML break for RFAs

29 June 2018 - Registered financial advisers have been given anti-money laundering relief.

FMA: Gloves are off on AML

28 June 2018 - The Financial Markets Authority is warning the “gloves are off” when it comes to its expectations of New Zealand’s adoption of AML/CFT rules.

AML laws 'waste of time, money'

27 June 2018 - New Zealand financial advisers have put significant time and large amounts of money into complying with anti-money laundering legislation, but research indicates the regime is ineffective.

FMA warns on AML

12 March 2018 - Five unnamed businesses have been formally warned about AML breaches.

Squeeze on financial recruitment

11 January 2018 - A tough hiring environment may force banks and other financial institutions to take a broader approach to finding financial advisers this year.

Focus on financial crime

12 December 2017 - The New Zealand Police Financial Intelligence Unit (FIU) and the five major New Zealand banks are to run a year-long pilot of the New Zealand Financial...

AML warning for broker firm

24 November 2017 - The FMA has issued a formal AML/CFT warning to brokerage firm Fullerton Markets. An inspection showed the firm did not have adequate risk assessment and...

Getting to Know: Andrew Kelleher

22 September 2017 - Andrew Kelleher - financial adviser, wealth manager... hole-digger?

BAA adds identity verification feature

24 July 2017 - The Boutique Advisers Alliance has added an automated identity verification feature to its custodial platform to help advisers handle their AML requirements...

New AML classification for financial advisers - what changes?

5 July 2017 - Advisers have had their AML risk assessment downgraded but don’t expect that to translate into any lesser regulatory requirements.

Next phase of AML might mean more work for advisers

21 June 2017 - Advisers are being warned phase two of the introduction of anti-money laundering legislation could bring more compliance obligations for them.

New cash rules 'no big deal for advisers'

27 March 2017 - New anti-money laundering rules will draw a line in the sand for banks and other big financial services providers but will be of little concern to financial advisers, one compliance expert says.

Lack of awareness on AML

14 February 2017 - Some advisers who should comply with anti-money laundering legislation do not realise their obligations – and others are wilfully ignorant, compliance experts say.

FMA warns on AML, won't name and shame

8 February 2017 - Twelve reporting entities, including advisers and advice firms, have been handed formal warnings for breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) laws.

FMA not happy with AML reporting (+ Special Guide)

19 December 2016 - The Financial Markets Authority is promising to adopt a stronger position on reporting entities who fail to meet their obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act.

An adviser's guide to AML Compliance

16 December 2016 - The FMA has just released its second annual AML Monitoring Report detailing its 2016 monitoring activities and report card on the 800 Reporting Entities (REs) under its supervision.  Good Returns asked Meredith Cornelius of Financial Strategies Nelson to comment on her reading of the report and what it all means for the smaller retail financial adviser and their practice.

TSB cops formal AML warning

7 December 2016 - The Reserve Bank has given TSB a formal warning over its AML obligations. "The Reserve Bank has reasonable grounds to believe that between 30 June 2013...

Call for one AML supervisor

3 November 2016 - Lawyers are calling for one supervisor for all AML/CFT reporting entities, as moves are made to delay more professions being brought into the regulatory net amid concerns about compliance costs.

AML still tough for some AFAs

5 August 2016 - Smaller financial services firms are still struggling to come to terms with their requirements under AML legislation, consultants say.

Accountants, lawyers to join advisers in AML

12 May 2016 - Accountants and lawyers are likely to be swiftly pulled into the anti-money laundering loop - and ranked as a higher risk than financial advisers.

FMA slaps Craigs over AML failures

3 May 2016 - The Financial Markets Authority (FMA) has issued a formal warning to Craigs Investment Partners for breaches of anti-money laundering rules.

New business to offer online compliance help

31 March 2016 - A new compliance business is offering advisers the ability to have their AML obligations taken care of, remotely.

AML obligations missed

15 February 2016 - Some adviser businesses still have room to improve when it comes to training their staff in their AML/CFT obligations, one regulation consultant says. Gavin...

AML360 recognised

1 February 2016 - Kiwi-owned business AML360 has been named a leading player in the global anti-money laundering software marketplace. Technavio named AML360 as one of 17...

More AML breaches likely

30 October 2015 - Advisers are being told to use Kiwibank’s high-profile censure for a breach of the Anti-Money Laundering Act  as a reminder to check their own processes are up to scratch.

AML due diligence puts clients off

2 October 2015 - Requirements imposed by the Anti-Money Laundering Act are serving as a disincentive to clients thinking about putting their money with financial advisers, it has been claimed.

AML deadline looms

31 August 2015 - Advisers who are reporting entities under the Anti-Money Laundering Act have until midnight to complete their annual return.

CPD turned into game

10 August 2015 - Co-op Money NZ is turning AML/CFT staff training into a game. This year’s AML/CFT refresher course is being offered as game in which participants turn...

AML audit rush feared

21 May 2015 - There are concerns there may be a rush of authorised financial advisers trying to get their AML audits done before the end of next month.

AML relief for advisers

5 May 2015 - One KiwiSaver provider’s offer to take over AML reporting entity responsibilities for some of its advisers is being described as a sensible move others should follow.

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 4.05 4.49
ANZ Special - 3.55 3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank ▼5.20 ▲4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▲3.45 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.39 3.45 3.89
Sovereign 5.30 ▼3.89 ▼4.05 ▼4.39
Sovereign Special - ▼3.39 ▼3.55 ▼3.89
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.45 3.99
Median 5.34 3.99 4.07 4.39

Last updated: 9 December 2019 9:02am

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