Educational Videos

Keeping New Zealand in business for good. ‚Äč

Every year an estimated $1.35b from fraud and illegal activity is laundered through legitimate New Zealand business. Part of our role as a supervisor is to help businesses understand the AML/CFT Act and what they need to do to help protect their businesses, and New Zealanders, from the social and economic harm caused by money laundering and financing of terrorism.

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The Department produced this educational video to provide an understanding of how money is laundered in New Zealand:

The Department produced the following educational videos on these AML/CFT obligations:

Enhanced Customer Due Diligence

Enhanced customer due diligence (enhanced CDD) is required or used where there are factors creating a higher level of money laundering and terrorism financing risk, or when specified in the AML/CFT Act.  There are many types of enhanced CDD, which means that in different situations, reporting entities are required to use different additional measures to mitigate the money laundering and terrorism financing risk.

This educational video aims to help businesses understand enhanced CDD obligations, and what information must be collected.

This educational video covers:

  • What is enhanced CDD and why you need to do it
  • When to conduct enhanced CDD
  • The different types of enhanced CDD and additional measures. In particular:
    • Enhanced CDD for identity verification
    • Source of wealth and source of funds
    • Enhanced CDD for politically exposed persons or PEPs
    • Enhanced CDD for wire transfers
    • Enhanced CDD for new and developing technologies

Independent Audits

This educational videos aims to help businesses understand Independent Audits as an obligation under the AML/CFT Act, and how to get the most out of their AML/CFT audit.

This educational video covers:

  • An overview of the obligation
  • What “independent” and “appropriately qualified” mean
  • What you can expect the auditor to ask and assess
  • An overview of the audit process and report.

Customer Due Diligence (CDD)

Knowing your customer is a cornerstone of the AML/CFT Act as criminals seeking to launder money or finance terrorism will generally try to avoid attracting attention by masking their identity and where their money has come from. This educational video aims to help businesses understand the customer due diligence obligation, and what information must be collected.

This educational video covers:

  • What CDD is and why you need to do it;
  • When to conduct CDD;
  • Who to conduct CDD on;
  • Beneficial ownership;
  • Standard CDD requirements;
  • Verifying identity using the Identity verification Code of Practice (IVCOP);
  • Examples of CDD;
  • When you can rely on others to conduct CDD for you; and
  • Ongoing CDD and account monitoring.

AML/CFT Programme

Once you have assessed the ML/TF risks your business may face, the next step is to write a AML/CFT programme to manage and mitigate the risks. There are minimum requirements that you must have procedures, policies and controls for. This educational video aims to help businesses understand how to write an AML/CFT programme and the minimum requirements that must be covered.

This educational video covers:

  • What is an AML/CFT programme, 
  • Tips for writing your AML/CFT programme; and
  • What your AML/CFT programme must cover.

Risk Assessment

Knowing and documenting your risk is fundamental to meeting your obligations under the AML/CFT Act. This educational video aims to help businesses with their Risk Assessments.

This educational video covers:

  • What a risk assessment is and why you need one;
  • Tips for writing your risk assessment;
  • What your risk assessment must cover; and
  • Methodology for writing a risk assessment.

Annual AML/CFT Report for DNFBPs

This educational video is for designated non-financial businesses or professions (DNFBPs).

This will be useful to Compliance Officers preparing the submission of their business's Annual AML/CFT Report.

This educational video covers:

  • What the Annual AML/CFT Report is,
  • Why you must submit it;
  • How you can submit it using AML Online;
  • What the six parts of the Annual AML/CFT Report are; and
  • What questions you will be asked.

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