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 SURETY Eco AML Ecosystem 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
Ready to learn more? Contact us today to schedule a demonstration or to explore how SURETY Eco and the SURETY modules can transform the efficiency and effectiveness of your unique AML Compliance efforts. In addition to these robust Dynamic Case Management features, SURETY Eco includes fully integrated modules for CDD/KYC on-boarding, behavioral/transaction monitoring, and sanctions 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.