AML Compliance for NZ’s real estate, lawyers, casinos, etc.
Additional AML/CFT regulations targeting real estate and other non-banking businesses have been proposed in New Zealand and are now under consideration by the nation’s parliament, according to the National Business Review (NBR).
New Zealand lawmakers fast-tracked Phase I of their AML/CFT overhaul last year, and this focus on additional industries constitutes Phase 2. The new measures would extend AML/CFT regulations “to lawyers, conveyancers, accountants, real estate agents and sports and racing betting,” according to the NBR story. Businesses that transact cash sales for high-value goods like cars or jewelry would also be subject to AML reporting requirements.
Prime Minister Bill English acknowledged that these new measures would add costs and effort to regulatory requirements for some industries, but he described the approach as necessary to having a strong national defense against money laundering and terrorist financing.
The issue of money laundering through real estate and lawyers has dogged many Western nations that boast strong AML/CFT Compliance requirements in their financial institutions. The U.K., U.S., and Canada have all been in the spotlight over the last few years for similar gaps leading to high-profile money-laundering cultures.
If adopted, the new requirements are predicted to add well over a billion dollars to Compliance expenses over the next decade. But AML Partners CEO Frank Cummings explains that RegTech advances in AML software solutions make AML Compliance more effective and more efficient than ever before.
“We offer end-to-end AML software solutions for firms of every size and in every industry,” Cummings said. “We configure and price our RegTechONE platform for AML so that any firm at any level of revenue can afford our solution. And ours is a fully configurable, fully adaptable AML solution that requires no additional programming even as regulations and rules evolve. Highly effective and efficient AML/CFT Compliance is truly within reach of each of these regulated industries.”
AML Software Solutions for Peak Effectiveness and Efficiency
With AML Partners’ platform technology for RegTech, updating and upgrading your AML and eGRC software solutions is easier, faster, and much less expensive. Contact us today to explore how platform technology and our end-to-end AML Ecosystem powered by the RegTechONE platform–can transform the efficiency and effectiveness of your unique AML Compliance efforts. RegTechONE software for AML Compliance includes fully integrated modules for CDD KYC software for on-boarding, behavior and transaction monitoring software, and sanctions screening software for comprehensive AML screening. And AML Partners simplifies your end-to-end fully integrated AML Compliance efforts even further with an optional Subpoena Search module for FinCEN 314a and similar subpoena searches. Contact us today to learn about our proof-of-concept option or schedule a demo of RegTechONE, the AML software ecosystem. With extraordinary configurability and built for API extensibility, the RegTechONE AML software platformpowers not only an end-to-end AML software solution but also vendor management, AML client lifecycle management, eKYC Golden Records, Perpetual KYC, and so much more.