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|

Fraud is Here!

Fraud is a deliberate deception to secure unfair or unlawful gain. Fraud is both a civil wrong i.e., a fraud victim may sue the fraud perpetrator to avoid the fraud and/or recover monetary compensation; and a criminal wrong i.e., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities. Fraud is becoming more common

2017-12-05T13:26:05+12:00July 2nd, 2015|Assurance, Fraud|

Business Fraud: Could Your Business Be At Risk?

We explain why all New Zealand businesses are at risk of economic fraud. Over 30% of New Zealand businesses of all sizes, structures and within all industries are believed to be subject to fraud, error and corruption – and this figure appears to be rising. Why Is Fraudulent Behaviour So Prevalent? For many New Zealanders,

2019-11-14T14:21:38+12:00September 4th, 2014|Assurance, Audit, Fraud|

Why Internal Control Reviews Are Also Important For SMEs

Internal control reviews are often regarded as the domain of large entities such as publicly listed companies or government departments. While the control environment of a small or medium-sized entity (SME) may differ from that of a large organisation, it is equally important that it is reviewed regularly in order to ensure the effective management

2019-11-07T10:38:20+12:00May 12th, 2014|Assurance, Fraud|

Dealing With Business Fraud And Error

It is impossible to ignore the statistics showing that fraud is on the increase. Business fraud can often be a result of dishonest staff having too much influence or control over a number of key functions of the business. The consequences of fraud or error can be devastating for a business. Recently I was called

2019-05-16T13:55:59+12:00April 1st, 2012|Assurance, Fraud|