Verifying Identity During COVID-19 Restrictions

Although the number of people who are seeking new business relationships during the COVID-19 crisis is significantly less than in previous ‘normal’ times, there are still new business relationships and/or new activities commencing. In current circumstances, a person’s identity cannot be verified face-to-face due to the COVID-19 restrictions. However, if you are establishing a new

2020-05-12T15:53:47+12:00May 12th, 2020|Assurance, COVID-19|

AML/CFT Requirements For High Value Dealers

Businesses which are involved in the buying and/or selling of high value goods are susceptible to the risk of money laundering and terrorism financing. As a result, in August 2019 the AML/CFT Act was extended to include high value dealers. High value goods which are captured by the AML/CFT Act include: Jewellery Watches Gold, silver

2020-03-09T12:51:41+12:00March 9th, 2020|Assurance|

Effective And Credible AML Audit

The AML/CFT supervisors (FMA, RBNZ and DIA) published a revised version of the AML/CFT Audit Guideline in October 2019. This published guideline summarises the AML/CFT audit process for reporting entities and highlights important steps to ensure an effective and credible AML audit takes place. The guidance provided does not discuss how an audit should be

2020-02-10T11:30:08+12:00February 10th, 2020|Assurance|

AML/CFT Update For Thomson Reuters

Recently UHY Haines Norton was asked to co-author the update of Thomson Reuters’ “Practical Auditing Manual” (PAM). Some of you may know that this was previously called “Brooker’s Practical Auditing Manual”. The update has now been completed. Looking back I can see that this was a relatively big task which I took on, but nevertheless

2020-02-03T14:28:14+12:00February 3rd, 2020|Assurance|

AML/CFT Phase 2: New Rules For Accountants

What Is AML/CFT? Most of you will have heard about the new AML/CFT legislation which came into effect for accountants from 1 October 2018. AML/CFT stands for “Anti-Money Laundering and Countering Financing of Terrorism”, and the Act effectively came into force back in 2013. Its implementation is planned over two phases. Phase 1 applies to

2018-11-06T08:10:21+12:00November 6th, 2018|Assurance|

AML/CFT: New Money Laundering Laws

The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act was introduced in 2009 to place responsibilities on New Zealand’s financial institutions and casinos to take appropriate measures to detect and protect against money laundering and terrorism financing. It protects the reputation of both individual businesses and New Zealand as a safe country to do

2018-05-03T11:15:16+12:00May 3rd, 2018|Assurance|

Protect The Integrity Of Your Real Estate Business

Have you noticed that real estate agents and property managers are in the news for all the wrong reasons lately? Cases of fraudulent behaviour and the mismanagement of client funds are being reported more and more often in the media. Unfortunately, real estate trust accounts that deal solely with residential letting are not required by

2018-03-28T09:53:01+12:00March 28th, 2018|Assurance|

Cyber Risk: Is Your Business Computer Network Secure?

Security concept: computer keyboard with word Cyber Crime, selected focus on enter button background, 3d render It’s a myth that cyber criminals only target large corporations. Our increasing reliance on ever-advancing technology also brings with it threats to businesses, regardless of their size or industry. A computer environment includes hardware such as physical

2017-11-29T08:59:45+12:00May 25th, 2017|Assurance, Fraud|

Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill

Phase 2 of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Bill will be effective from October 2018. The new regulations will extend the current AML/CFT Act to cover: Lawyers Accountants Real estate agents Conveyancers Some businesses that deal in high value goods Betting on sports and racing We - together with our

2017-12-20T13:20:08+12:00April 26th, 2017|Assurance|