Legal and regulatory updates for the life and health insurance sector

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


Legal and regulatory update for the life and health insurance sector

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


AML procedures during self-isolation

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.