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