Who Needs to Abide By AML/CFT Regulations in New Zealand?

Posted by Kelvin Chandran on 3/20/19 11:58 AM

Anti-money laundering (AML) regulations have played an important role in shaping the continued development of the international financial system in past decades. In recent years, the types of businesses that need to comply with these regulations have been expanding as governments aim to better prevent financial crimes.

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Topics: AML, CFT, New Zealand

AML Obligations and FATF– What You Should Be Doing to Reduce Fraud

Posted by Kelvin Chandran on 3/13/19 3:13 PM

When considering the various regulations surrounding cryptocurrency, it’s sometime difficult for organisations and individuals to keep up. At local, provincial, and national levels, there are all sorts of policies that apply to companies (i.e. crypto projects and crypto exchanges) that are operating in this sector.

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Topics: AML, Fraud prevention, FATF

KYC and AML Explained

Posted by Henry Hirsch on 1/20/19 3:40 PM

Know your Customer (KYC) and anti-money laundering (AML) are probably terms you’ve heard before, especially as discussions around consumer privacy and security increase. However, sometimes the meanings of KYC and AML can become confusing depending on who you speak to or the application they’re being used for.

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Topics: AML, KYC

Case Study: Organisations Fined for AML Regulatory Breaches

Posted by Kelvin Chandran on 12/17/18 11:22 AM

Despite the fact that most organisations across the globe prioritise strict anti-money laundering (AML) procedures, we continue to hear case after case of regulatory breaches.

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Topics: AML, Fraud prevention

How AML Requirements Are Changing for Finance

Posted by Kelvin Chandran on 10/4/18 9:45 AM

Money laundering continues to be a pervasive crime throughout the world. Over the past few decades, criminals have managed to find ways to work around AML requirements. However, this is quickly changing as new AML policies and financial technologies are beginning to strengthen enforcement capabilities.

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Topics: AML, RegTech

Knowing Your Customer in New Zealand

Posted by Henry Hirsch on 7/24/18 9:46 AM

Note that this article does not constitute legal advice and is opinionated based on self-review of New Zealand requirements.

The Anti-Money Laundering (“AML”) Countering Financing of Terrorism Act 2009 ("Act”) requires reporting entities in New Zealand to undertake Know Your Customer (“KYC”) processes (commonly referred to as “customer due diligence”). The New Zealand AML Supervisors (e.g., Financial Markets Authority, Department of Internal Affairs) have done a great job of providing guidance to reporting entities to understand how to perform KYC processes for natural persons (individuals) and legal persons (legal entities).

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Topics: AML, KYC

4 ways blockchain technology prevents fraud, reduces risk, and helps consumers with ownership of data

Posted by Kelvin Chandran on 6/25/18 6:00 AM

Innovations in blockchain technology have already begun to change the way the global economy works. Blockchain not only allows for the creation of new digital currencies but also vastly improves the future of consumer protection.

In this article, we feature four major consumer benefits created by the development and adoption of blockchain.

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Topics: Blockchain technology, AML, RegTech, Fraud prevention, KYC, Data ownership

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