Keeping NZ Clean
By now you have probably heard a bit about the new Anti-Money Laundering and Countering Financing of Terrorism Act that recently came into effect. In brief, the New Zealand government has made a commitment to increased monitoring and detection of these criminal activities. As a result, accountants (and other key industries) are legally required to report any suspicious financial transactions.
We are taking our obligations seriously and over the last 12 months we have introduced new procedures and systems as well as training all our team.
In addition to our moral stance against money laundering and terrorism, penalties for non-compliance by reporting entities (accountants, lawyers, real estate agents) are significant - fines of up to $5 million.
If you have any questions about this legislation, please contact our AML specialist, Jenny Graham on 407 7117.