Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

FATF Highlights the Gaps in New Zealand’s AML Measures

Fatf

Financial Action Task Force (FATF) has issued a report on New Zealand’s measures to combat money laundering. The financial watchdogs said that the country has done an effective job in taking measures against money laundering and terrorist financing but there are still some gaps that need to be addressed.

The Financial Action Task Force is responsible for monitoring laws and regulations regarding money laundering and terror financing. They carried out an investigation on New Zealand’s regulatory measures against financial crimes. Despite having found good results, the regulators also highlighted some of the gaps including transparency of the beneficial ownership, weak supervision in some of the industries reporting suspicious activity, and lack of compliance with financial sanctions to avoid terrorist financing. 

“The report recommends increasing the scope and depth of the Reserve Bank’s [Anti-Money Laundering/Combating the Financing of Terrorism] supervision of the banking sector,” a spokesman for the Reserve Bank of New Zealand, another supervising agency, said in a statement. “To the extent feasible the Bank is addressing this within the scope of its five-year funding agreement approved last year.”

The global regulator, FATF, also complimented the country on many aspects of its anti-money laundering and counter-terrorist financing system. The law enforcement unit of the country frequently uses financial intelligence to capture potential criminal activities and further investigate the wrongdoing. They also prosecute the crime especially in recovering the loss from the criminal activity. 

The regulators also called out for the country to take adequate measures to strengthen the monitoring of some of the sectors including lawyers, accountants and real estate agents. These sectors have been recently brought under the country’s anti-money laundering radar. A system must now be set up to tackle the financial crime in these sectors. 

FATF also recommended that the country must improve the transparency of the current true beneficial ownership information of the businesses including the limited liability companies and partnerships that are being misused to launder illegal funds. 

The law enforcement in the country also remains vigilant of the funds being misused for domestic terrorist attacks after a mass shooting at two mosques in 2019. FATF said that the measures to investigate terrorist funding have also been well-coordinated. FATF highlighted that New Zealand has a strong legal framework to enforce financial sanctions such as asset freezing. However, the report also highlights that no asset has been frozen under the financial sanction regime. 

Related Posts

News

COVID-19 has Made Cybercrime More Structured

During the COVID-19 pandemic, there has been immense growth in the opportunities for cyber-relate...

COVID-19 has Made Cybercrime More Structured Explore More

News

Americans Lose $3.82 Billion to Crypto and ‘Phantom Property’ Investment Scam

The American public is being alerted to the proliferation of fraudulent investment schemes. Crypt...

Americans Lose $3.82 Billion to Crypto and ‘Phantom Property’ Investment Scam Explore More

News

Japan to Enforce Strict Anti-Money Laundering Laws on Cryptocurrency

A stringent set of anti-money laundering measures will be implemented in Japan starting June 1st,...

Japan to Enforce Strict Anti-Money Laundering Laws on Cryptocurrency Explore More

News

FATF Votes to Graylist Malta

Malta’s Prime Minister announced the news at a conference on Wednesday after local media reported...

FATF Votes to Graylist Malta Explore More

News

Supreme People’s Court of China to Impose Severe Penalties for Financial Crimes

China’s top courts are set to impose heavier punishments to prevent financial crimes and mitigate...

Supreme People’s Court of China to Impose Severe Penalties for Financial Crimes Explore More

News

Moroccan Charity, Najiba Foundation, Faces Account Termination by ING Bank for AML Failures

Internationale Nederlanden Groep (ING) wants to terminate one of the largest Moroccan charity fou...

Moroccan Charity, Najiba Foundation, Faces Account Termination by ING Bank for AML Failures Explore More

News

Malta-based Pilatus Bank Fined €5m Over AML & Terrorism Breaches

Pilatus Bank failed on various accounts, including identity verification of customer businesses, ...

Malta-based Pilatus Bank Fined €5m Over AML & Terrorism Breaches Explore More

News

The Age Verification Software Market to Experience Tremendous Growth by 2025

The increasing number of scams in today’s virtual world needs a better verification system. Prote...

The Age Verification Software Market to Experience Tremendous Growth by 2025 Explore More

News

Ukraine to Scale-up Fight Against Financial Crimes

Ukraine’s Cabinet of Ministers has approved a plan that will strengthen the measures to prevent f...

Ukraine to Scale-up Fight Against Financial Crimes Explore More

News

ASIC Expands its Team to Enhance Cryptocurrency Regulations

Australia’s financial regulator has enhanced the size of its crypto team. The crypto regula...

ASIC Expands its Team to Enhance Cryptocurrency Regulations Explore More

News

Japan Crypto Regulator States Easing of Restrictions Must Wait

The Japanese financial regulator FSA is reluctant about easing regulatory requirements for the cr...

Japan Crypto Regulator States Easing of Restrictions Must Wait Explore More

News

Jamaica Nears Full Compliance by Meeting 37 of 40 FATF Recommendations

Jamaica now complies with 37 out of 40 FATF recommendations for better prevention of financial cr...

Jamaica Nears Full Compliance by Meeting 37 of 40 FATF Recommendations Explore More

News

Media Industry Suffer Huge Increase in Cyber-Attacks

The media industry is increasingly under the threat of cyberattacks. It suffered 17 billion crede...

Media Industry Suffer Huge Increase in Cyber-Attacks Explore More

News

HMRC Fines Real Estate Agencies £500,000 for Anti-Money Laundering Violations

HMRC has issued a total of  £519,645 in fines to 68 estate agents that failed to comply with rule...

HMRC Fines Real Estate Agencies £500,000 for Anti-Money Laundering Violations Explore More

News

Kinahan Cartel Under Pressure as European Union Places UAE on ‘Blacklist’

The Kinahan Cartel is under great pressure after the European Union (EU) places the UAE on the ‘b...

Kinahan Cartel Under Pressure as European Union Places UAE on ‘Blacklist’ Explore More

News

EUR 27 Million Worth Crypto Assets Seized by the NCA in Money Laundering Crackdown

NCA seizes crypto assets worth £27m last year in a major money laundering crackdown Although inst...

EUR 27 Million Worth Crypto Assets Seized by the NCA in Money Laundering Crackdown Explore More

News

The Czech Republic Government Amends Beneficial Ownership Law to Meet AML Obligations

The Czech Republic government revised Beneficial Ownership Law upon the European Commission’...

The Czech Republic Government  Amends  Beneficial Ownership Law to Meet AML Obligations Explore More

News

Electronics Giant Samsung Confirms a Data Breach Affecting Personal Information of Customers

Samsung announced a data breach involving customers’ personal information, assuring that so...

Electronics Giant Samsung Confirms a Data Breach Affecting Personal Information of Customers Explore More

News

Britain’s FCA Fines Ghanaian Bank for Insufficient AML Regulations

The Financial Conduct Authority of the UK has imposed fines of £5.8 million on Ghana Internationa...

Britain’s FCA Fines Ghanaian Bank for Insufficient AML Regulations Explore More

News

MGA to Introduce Detailed Player Protection Guidelines for Responsible Gambling

Malta Gaming Authority is set to introduce player protection guidelines after being placed on the...

MGA to Introduce Detailed Player Protection Guidelines for Responsible Gambling Explore More

News

UK’s Regulatory Agencies not Coming Slow Against Money Laundering

HM Revenue & Customs carried out an extensive investigation on the UK’s real-estate agencies ...

UK’s Regulatory Agencies not Coming Slow Against Money Laundering Explore More

News

EU and British Financial Watchdogs to Investigate Digital Stock Tokens

The German and British regulators are reportedly investigating the stock token trading, recently ...

EU and British Financial Watchdogs to Investigate Digital Stock Tokens Explore More

News

Two of Singapore’s Banking Giants Involved in Billion-Dollar Money Laundering Case

The two well-known banks in Singapore, Development Bank Singapore (DBS) and Overseas Chinese Bank...

Two of Singapore’s Banking Giants Involved in Billion-Dollar Money Laundering Case Explore More

News

Reddit follows Facebook suit and bans impersonation on its platform

Earlier this week, Facebook announced its new policy to ban manipulated pictures and videos known...

Reddit follows Facebook suit and bans impersonation on its platform Explore More

News

Digital Payment Providers Collaborate with UBA to Combat Scams in the Financial Sector

The National Payment Systems Services Association has collaborated with Uganda Bankers Associatio...

Digital Payment Providers Collaborate with UBA to Combat Scams in the Financial Sector Explore More

News

South African Government Passes Key AML and CFT Laws to Fight Financial Crimes

South African government passes two significant laws to implement Anti Money Laundering and Count...

South African Government Passes Key AML and CFT Laws to Fight Financial Crimes Explore More

News

Latvia’s Bank Rietumu Fined EUR 5.85M Over Money Laundering Failures

The Financial and Capital Market Commission has fined Bank Rietumu EUR 5.85 million over failures...

Latvia’s Bank Rietumu Fined EUR 5.85M Over Money Laundering Failures Explore More

News

FSRA Imposed a Dh 1.32 Million Fine on Wise Nuqud Ltd for AML Failings

FSRA imposed a Dh 1.32 million fine on Wise Nuqud for AML failings. Wise cooperated in the invest...

FSRA Imposed a Dh 1.32 Million Fine on Wise Nuqud Ltd for AML Failings Explore More

News

FCA Cracks Down on Various Operators Hosting Illegal Crypto Cash Machines Around Leed

The FCA (Financial Conduct Authority) suspects many sites around Leeds of hosting illegally opera...

FCA Cracks Down on Various Operators Hosting Illegal Crypto Cash Machines Around Leed Explore More

News

New York Federal Reserve Sued by Puerto Rican Bank For Blocking Service in Venezuela

A Puerto Rican bank has sued the New York Federal Reserve on 25th July for suspending their acces...

New York Federal Reserve Sued by Puerto Rican Bank For Blocking Service in Venezuela Explore More

News

Coronavirus: UK economy recovering gradually, says Bank of England

Bank of England (BOE) governor, Andrew Bailey, stated that there are signs of the UK economy grad...

Coronavirus: UK economy recovering gradually, says Bank of England Explore More

News

OSCE – Eurasian Forum Combines to Counter Money Laundering and Terrorism Financing

The Organisation for Security and Co-operation in Europe (OSCE) supported the joint efforts with ...

OSCE – Eurasian Forum Combines to Counter Money Laundering and Terrorism Financing Explore More

News

Economic & Financial Crime Bureau Gets Legal Powers as an Independent Authority

The Economic & Financial Crime Bureau and Financial Intelligence Unit [Bailiwick of Guernsey]...

Economic & Financial Crime Bureau Gets Legal Powers as an Independent Authority Explore More

News

Australia Risks Damage To Economy Unless Money Laundering Laws are Improved

A Senate committee says that Australia is at risk of damaging its economy if money laundering law...

Australia Risks Damage To Economy Unless Money Laundering Laws are Improved Explore More

News

UKGC imposed EUR 3.8 Million Fine on Genesis Global for Social Responsibility and Money Laundering Violations

After the two-year investigation, the United Kingdom Gambling Commission (UKGC) imposed EUR 3.8 m...

UKGC imposed EUR 3.8 Million Fine on Genesis Global for Social Responsibility and Money Laundering Violations Explore More

News

Real Estate Firm LeHomes Realty Fined $282K for AML Compliance Failure

Real Estate Firm LeHomes Realty has been fined $282K for AML compliance failure. The brokerage co...

Real Estate Firm LeHomes Realty Fined $282K for AML Compliance Failure Explore More

News

Combating COVID-19: Dubai warns of $10 million loan scheme fraud

A recent scam has emerged in Dubai which involves a $10 million loan for young entrepreneurs and ...

Combating COVID-19: Dubai warns of $10 million loan scheme fraud Explore More

News

US Treasury Official Urges Iraq’s Central Bank to Act Against Money Laundering

The US Treasury officials stated Iraq’s central bank should design new measures to combat the mis...

US Treasury Official Urges Iraq’s Central Bank to Act Against Money Laundering Explore More

News

FCA Advises Firms to Embed Data and Technology to Combat Financial Crimes

Sarah Pritchard, the FCA executive director of markets, spoke at the Financial Crime Summit in Lo...

FCA Advises Firms to Embed Data and Technology to Combat Financial Crimes Explore More

News

Paraguay- Brazilian Bank Fined Heavily for Anti-money Laundering Non-compliance.

A major Brazilian Bank in Paraguayan has been sanctioned by the Paraguayan government. Latin Amer...

Paraguay- Brazilian Bank Fined Heavily for Anti-money Laundering Non-compliance. Explore More

News

Singapore Scammers Launder Money Through Online Gambling

Singapore police seized US $736 million worth of cryptocurrencies and virtual assets from money l...

Singapore Scammers Launder Money Through Online Gambling Explore More

News

FATF says governments ineffective in stopping money-laundering

According to David Lewis, Executive Secretary, Financial Action Task Force (FATF), governments ar...

FATF says governments ineffective in stopping money-laundering Explore More

News

North Korean bankers charged in $2.5 billion money-laundering scheme

The US Department of Justice recently revealed criminal charges against about twenty-four North K...

North Korean bankers charged in $2.5 billion money-laundering scheme Explore More

News

US Task Force Seizes Another Superyacht in the Battle Against Russian Oligarchs’ Corruption

A new US task force has partnered with the IRS and global entities to take down Russian oligarchs...

US Task Force Seizes Another Superyacht in the Battle Against Russian Oligarchs’ Corruption Explore More

News

FATF applauds Korea’s AML and CFT efforts

According to the FATF, Korea features a sound legal framework to tackle money concealment and ter...

FATF applauds Korea’s AML and CFT efforts Explore More

News

Silly Season Scams to Rise as AFP Forewarns Fake Delivery Texts

The Australian Federal Police (AFP) has warned of fake delivery texts. Scammers use legitimate-lo...

Silly Season Scams to Rise as AFP Forewarns Fake Delivery Texts Explore More

News

Singaporean Regulatory Authority Imposes $7.8M Worth of AML Non-Compliance Fines

The Monetary Authority of Singapore (MAS) has imposed $7.8m fines on financial sector businesses,...

Singaporean Regulatory Authority Imposes $7.8M Worth of AML Non-Compliance Fines Explore More

News

Giaba Trains BDC Operators for Money Laundering & Terrorist Financing

GIABA (Inter-Governmental Action Group against Money Laundering in West Africa) has started a thr...

Giaba Trains BDC Operators for Money Laundering & Terrorist Financing Explore More

News

Social Media Firms May Face Parallel Regulation – Says Data Protection Authority

Social media platforms approached the I&B ministry citing apprehension that they may face par...

Social Media Firms May Face Parallel Regulation – Says Data Protection Authority Explore More

News

NAB, CBA Under Money Laundering Probe Yet Again

Australia’s CBA and NAB are under regulatory scrutiny for providing correspondent banking service...

NAB, CBA Under Money Laundering Probe Yet Again Explore More

News

FCA Advises Firms to Embed Data and Technology to Combat Financial Crimes

Sarah Pritchard, the FCA executive director of markets, spoke at the Financial Crime Summit in Lo...

FCA Advises Firms to Embed Data and Technology to Combat Financial Crimes Explore More

News

Turkey to Ban Cryptocurrency Payments to Avoid Financial Crime

The Central Bank of Turkey is to ban the use of cryptocurrency payments by 30th April. This initi...

Turkey to Ban Cryptocurrency Payments to Avoid Financial Crime Explore More

News

The UK plans to levy on banks to prevent money laundering

According to Reuters, Britain plans to announce a new levy on banks and other financial instituti...

The UK plans to levy on banks to prevent money laundering Explore More

News

SRA Receives Fewer AML Violation Reports from England & Wales Despite Sanctions Drive

Anti Money Laundering (AML) violations in England & Wales reported to the Solicitors Regulati...

SRA Receives Fewer AML Violation Reports from England & Wales Despite Sanctions Drive Explore More

News

Money Laundering Watchdog Fines HSBC for AML Violations

HSBC Malta has been fined €82,000 by Financial Intelligence Analysis Unit (FIAU) for AML violatio...

Money Laundering Watchdog Fines HSBC for AML Violations Explore More

News

The Corporate Transparency Act is Set to be Implemented in January 2024 Across the Country

The Corporate Transparency Act passed in 2021 is going into enforcement in a few days and will im...

The Corporate Transparency Act is Set to be Implemented in January 2024 Across the Country Explore More

News

Californian man apprehended in Moorpark ID theft case

A 37-year-old man in the Californian city of Bakersfield was arrested on Wednesday on suspicion o...

Californian man apprehended in Moorpark ID theft case Explore More

News

UK MPs Call for Improved Crypto Regulations to Prevent Losses

Ministers of the UK Parliament are calling for more rigid cryptocurrency regulations from the ASA...

UK MPs Call for Improved Crypto Regulations to Prevent Losses Explore More

News

Compliance Institute of Nigeria (CIN) to Up its Game in Addressing AML/CTF Gaps

With threats of financial fraud emerging across the globe, the Compliance Institute of Nigeria (C...

Compliance Institute of Nigeria (CIN) to Up its Game in Addressing AML/CTF Gaps Explore More

News

Turkey at Risk of Becoming a Haven for Russian Sanctions

Turkey is facing rising pressure for compliance with sanctions imposed on Russia and to increase ...

Turkey at Risk of Becoming a Haven for Russian Sanctions Explore More

News

IMF Warns Nigeria on Risks Arising from Central Digital Currency eNaira

The IMF has warned the Central Bank of Nigeria (CBN) about the risks of money laundering and terr...

IMF Warns Nigeria on Risks Arising from Central Digital Currency eNaira Explore More

News

US Authorities Impose Anti-Money Laundering Crackdown on Offshore Lenders

The US Financial Crimes Enforcement Network (FinCEN) threatened offshore lenders with Anti-Money ...

US Authorities Impose Anti-Money Laundering Crackdown on Offshore Lenders Explore More

News

BaFin Threatens Deutsche Bank of Fines Over Weak AML Controls

Germany’s Financial Watchdog BaFin is not satisfied with the efforts of Deutsche Bank AG to contr...

BaFin Threatens Deutsche Bank of Fines Over Weak AML Controls Explore More

News

BBB Warns About the Potential Scams Fuelled by the COVID Vaccine Passports

As people around the world are increasingly becoming vaccinated, the concern about the vaccine pa...

BBB Warns About the Potential Scams Fuelled by the COVID Vaccine Passports Explore More

News

Shufti Introduces AI-Based OCR for Better Customer Verification

Verifying customers is the goal of our clients and we believe in providing the best solutions. Th...

Shufti Introduces AI-Based OCR for Better Customer Verification Explore More

News

US DOJ Stresses Disclosure of Beneficial Ownership Information to Curb Illicit Finance

The US says that it is important for countries and governments to embrace a policy of disclosing ...

US DOJ Stresses Disclosure of Beneficial Ownership Information to Curb Illicit Finance Explore More

News

Philippines Extends Registration Period for Amended AML Regulations

The Anti-Money Laundering Council in the Philippines has revisited the guidelines of the Anti-mon...

Philippines Extends Registration Period for Amended AML Regulations Explore More

News

Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources

Principal Secretary for Internal Security, Dr Raymond Omollo, has sent a directive to Non-Governm...

Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources Explore More

News

Coronavirus outbreak exploited by internet scammers

Americans are advised to stay watchful of cybercriminals’ attempts to misuse the life-threatening...

Coronavirus outbreak exploited by internet scammers Explore More

News

RSA Revamps Digital Payments with Industry-centric Regulations

The federal bank in South Africa re-regulated guidelines for performing card transactions between...

RSA Revamps Digital Payments with Industry-centric Regulations Explore More

News

Twitter Reveals Plans of Addressing Deepfakes

Last month, Twitter announced that it was working on plans to better handle the rising issues of ...

Twitter Reveals Plans of Addressing Deepfakes Explore More

News

Thai Police Bust $27M Crypto Scam and Seize Multiple Luxury Properties

In a recent operation, Thai authorities uncovered a $27m crypto scam targeting local investors an...

Thai Police Bust $27M Crypto Scam and Seize Multiple Luxury Properties Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started