Finalising your Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) audit before the due date is crucial for all New Zealand reporting entities. The importance of meeting this deadline extends beyond mere compliance. Don’t let it affect the integrity, reputation, and operational efficiency of your organisation.
Three reasons why it is important to be organised and ensure your AML/CFT audits are completed before they are overdue
- Legal Compliance and Penalties:
Adhering to AML/CFT regulations is a legal requirement under New Zealand's Anti-Money Laundering and Countering Financing of Terrorism Act 2009. This means if you are a reporting entity you must complete an independent audit of your risk assessment and programme every three years at a minimum. Failure to complete your audit on time can lead to severe penalties, including a public warning and large fines.
- Early Issue Identification and Remediation:
Timely completion of the audit allows for early identification and remediation of any compliance issues identified. Addressing any issues before they escalate avoids the risk of regulatory breaches and the associated consequences. This approach ensures that your AML/CFT program remains compliant and effective, safeguarding your business against money laundering and terrorist financing.
- Demonstrating Commitment to Compliance:
Finalising your audit on time demonstrates your commitment to compliance and corporate responsibility. It signals to your AML supervisor, clients, and stakeholders that your organisation takes its compliance obligations seriously. In an era where trust and transparency are key, maintaining a good standing with your supervisor enhances your business’s credibility and builds client confidence.
WE ARE SUBJECT MATTER EXPERTS
At Moore Markhams, we understand that the audit process can be resource-intensive, requiring considerable time and effort from your team. By finalising the audit before the due date, you can better manage these resources, preventing the last-minute running around, reducing the stress for you and your staff. Efficient resource management leads to smoother operations and a more focused approach to maintaining compliance.
If your audit is overdue, or if you are looking to take a proactive approach, get in touch with our friendly in-house AML/CFT team. Our experienced AML/CFT experts are passionate about making AML/CFT measures BAU for your organisation.
Partner with us to navigate the complexities of AML/CFT and ensure your business's protection.
Click
here to get in touch with our AML/CFT expert today.