New Zealand: Financial Markets Authority Issues Formal Warnings to Ten Reporting Entities

On May 13, 2019, the Financial Markets Authority (FMA), following its risk assessment report published earlierĀ this year, issued formal warnings to ten reporting entities under Section 80 of the Anti-Money Laundering and Counter-Terrorism FinancingĀ (AML/CTF) Act.

The FMA as a body supervises around 800 reporting entities along with the Reserve Bank of New Zealand and the Department of Internal Affairs. These reporting entities are required to audit their AML/CTF risk assessments every two years and submit reports to the FMA.

The warnings issued include:

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