21 Oct 2020 – Department of Internal Affairs published a new webinar on the AML/CFT enhanced customer due diligence obligation on its website. https://www.dia.govt.nz/Enhanced-Customer-Due-Diligence-Webinar

22 Oct 2020 - Simone Robbers, RBNZ Assistant Governor & General Manager of Governance, Strategy and Corporate Relations, delivered a speech to the 16th Annual Financial Markets Law Conference titled “Working together to support economic recovery, strengthen resilience, and develop culture”. https://www.rbnz.govt.nz/news/2020/10/working-together-to-support-economic-recovery-strengthen-resilience-and-develop-culture

22 Oct 2020 – FMA released a consultation titled “Recognition of Australian adviser qualifications”, relevant to the upcoming financial advice provider regime, with submissions closing on 20 Nov 2020. https://www.fma.govt.nz/compliance/consultation/consultation-recognition-of-australian-adviser-qualifications/

20 Oct 2020 – MBIE published information on its website an update on COVID-19-related business relief measures, noting that some have been extended, while others are no longer available or are soon to expire. https://www.mbie.govt.nz/about/news/update-on-covid-19-related-business-relief-measures/

21 Oct 2020 - The first statement defining the purpose of New Zealand’s retirement income system was released by the Retirement Commissioner. https://cffc.govt.nz/news-and-media/news/purpose-of-nz-retirement-income-system-defined/

16 Oct 2020 – Privacy Commissioner website provided details for the next PrivacyLive Forum to be held during Privacy Week on 5 November 2020, with the presentation focused upon the Privacy Act 2020, due to come into effect on 1 Dec 2020. https://www.privacy.org.nz/resources-2/forums-and-seminars/privacy-live-our-speaker-series/

19 Oct 2020 – FIU released the monthly AML/CFT September 2020 Suspicious Activity Report including, for example, a link to the FATF September 2020 report titled “Virtual Assets Red Flag Indicators”. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-sep-2020.pdf

2 Oct 2020 – Government released the Request for Proposal documents to appoint the next set of KiwiSaver default providers. https://www.mbie.govt.nz/about/news/kiwisaver-default-provider-rfp-opens/

5 Oct 2020 – Department of Internal Affairs posted on its AML/CFT News and Information website information on some of the risks associated with compliance with election financing laws. https://www.dia.govt.nz/AML-CFT-Election-financing-laws

5 Oct 2020 – The Financial Advisers Disciplinary Committee website has again been amended such that the “Next Hearing” has been changed from 5 Oct 2020 to 2 Nov 2020, again with no further information provided. https://fadc.govt.nz/upcoming-hearings/

21 Sept 2020 – FIU posted to its website the August 2020 AML/CFT Suspicious Activity Report.

21 Sept 2020 – The Takeovers Panel released the latest version of CodeWord, Issue 51, containing commentary on:

• Being careful with the Code if holding shares through different entities
• Recent guidance updates, including:
• Schemes of Arrangement
• Lock-up Agreements
• Exemptions
• Creeping Acquisitions
• New Class Exemption – Voting Agreements for Schemes of Arrangement
• Covid-19 Class Exemption
• No more cheques

15 Sept 2020 – NZ Police FIU and ACAMS issued invitations to the 2020 AML/CFT conference to be held between 10-11 November 2020, providing for both on-site and virtual conference access. https://www.police.govt.nz/advice-services/businesses-and-organisations/financial-intelligence-unit-fiu/fiu-acams-conference

17 Sept 2020 – RBNZ released the outcomes from a COVID-19 stress test of New Zealand banks. https://www.rbnz.govt.nz/news/2020/09/stress-test-reinforces-importance-of-bank-capital

18 Sept 2020 – DIA advised on its website of the release of an AML/CFT Supervisors updated enhanced CDD guideline, dated August 2020, noting also the intent to shortly publish a webinar on its website which will deep dive into the enhanced CDD obligations. https://www.dia.govt.nz/AML-CFT-Updated-enhanced-CDD-guideline

28 Aug 2020 – FMA released updated guidelines for financial services businesses and staff under Covid-19 Alert Level 2.

https://www.fma.govt.nz/news-and-resources/covid-19/financial-services-operating-at-level-2/

31 Aug 2020 – DIA released three AML/CFT items as follows:

• Real Estate regulatory findings
• FIU Suspicious Activity Report for July 2020 (Previously noted on this blog)
• Webinar available on Independent AML/CFT audits

https://www.dia.govt.nz/AML-CFT-News

The Department of Internal Affairs advice to ADLS is as follows.

March 2020 – Response received from Department of Internal Affairs to the ADLS Property Law Committee’s Query concerning AML customer due diligence in view of COVID-19 published, as follows:

If a reporting entity is unable to conduct customer due diligence (CDD) because the customer or client is in self-isolation due to Covid-19, then the following points should be considered in dealing with the situation:

• A reporting entity may trigger exception handling procedures provided that the customer demonstrates that they are unable to comply with the requirements under Part 1 or Part 2 of the Amended Identity Verification Code of Practice (IVCOP) 2013 (click here).
• Reporting entities are recommended to document the customer's circumstances.
• It is possible for a customer to be verified through electronic identity verifications (Part 3 of IVCOP).
• Reporting entities may complete delayed verification (under section 16(3) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009) provided the following two criteria are met:

1. Verification of identity is completed as soon as practicable; and
2. ML/TF risks must be effectively managed through procedures of transaction limitations and account monitoring or through other appropriate risk management procedures.