New Zealand Anti-Money Laundering and Countering Financing of Terrorism Act 2009
Course Details
Description
The New Zealand Anti-Money Laundering and Countering Financing of Terrorism Act 2009 was born from a global initiative to combat the increasing threat of money laundering and terrorism financing to ensure New Zealand’s financial system is not exploited for illicit purposes.
The Act came into full force on 30 June 2013, placing obligations on various sectors to detect and deter such activities. It was a response to the need for a robust legal framework to protect the integrity of New Zealand’s financial institutions and maintain its reputation as a safe place to conduct business.
In today’s complex financial landscape, finance advisors are pivotal in guiding clients through many investment opportunities and regulatory frameworks. The New Zealand Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) is particularly significant for finance advisors as it directly impacts their operations and advice. Understanding this legislation is crucial for several reasons:
- Compliance: Finance advisors must ensure their practices align with the AML/CFT Act to avoid severe penalties and reputational damage.
- Due Diligence: Advisors are responsible for conducting thorough due diligence on their clients to prevent illicit activities.
- Risk Management: Knowledge of the AML/CFT Act enables advisors to assess and manage risks associated with money laundering and terrorism financing better.
- Client Trust: Compliance with the AML/CFT Act strengthens client trust and the integrity of the financial advice provided.
The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 is a cornerstone in New Zealand’s efforts to combat financial crimes and terrorism financing. Through this course, learners will understand the Act’s provisions, its obligations on various entities, and the broader context of anti-money laundering (AML) and countering financing of terrorism (CFT) efforts globally.
The AML/CFT Act requires diligence from organisations to detect and deter illicit activities. This course has been designed to equip learners with the knowledge to implement robust compliance programs and contribute to a safer financial environment.
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Estimated Time To Complete
Learning Outcomes
By the end of this course, learners will be able to
