PHASE 2 ENTITIES

AML360 takes the hassle away from your preparations into AML CFT compliance.  We provide you a business risk assessment, programme and training package for less than $3,500 (excl GST).  You also receive comprehensive guidance manuals.  Over 12-months you can access your AML360 dashboard for easy updates.  Make enquiries about our automated compliance tools for your ongoing procedures and controls.

NZ Phase2 AML

FAQ

AML CFT PHASE 2 ENTITIES

The first steps you should carry out to meet your obligations under the Act are –

  1. Appoint an AML CFT Compliance Officer.
  2. Conduct a risk assessment to identify and determine the ML/TF risks you may encounter in the course of your business.
  3. Develop and implement a programme containing the procedures, policies and controls used to manage and mitigate those risks.

Section 58 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act), makes it compulsory for businesses (reporting entities) to undertake a business risk assessment. The purpose of the business risk assessment is to measure the likelihood of your business encountering ML/FT in the course of your business. 

The Department of Internal Affairs (DIA) is the AML Supervisor for Phase 2 entities.  The DIA has published guidelines to assist your business undertake an AML CFT risk assessment.  CLICK HERE

Once the risk assessment is complete the next regulatory requirement is to develop a programme.  The programme sets out the policies, procedures and controls that your business will implement in order to manage and monitor the risks presented.  

The programme must be developed based on findings of the AML CFT risk assessment.

Once your business risk assessment is complete and your programme developed, the next step is to implement the policies, procedures and controls.  This is the most important part of your AML CFT framework.  If your procedures and controls are not efficient, your independent auditor and/or your AML supervisor will soon detect the weaknesses.

Ensure you use systems that work for your business. The objective is to embed AML CFT compliance practice into your ordinary day-to-day business operations.

Your AML Compliance Officer will be responsible for regularly testing maintenance of your programme.

AML360 has been operating in NZ for four years. Our products have been used by over 100 business entities. Industry research reports identify AML360 as a leading software vendor.

The AML360 dashboard represents a complete AML CFT framework.  This enables your business to develop and maintain your risk assessment and compliance programme, as well as completing training, customer profiling, PEP and Sanctions screening, transaction monitoring, geography analysis and compliance reviews. 

The cost of AML CFT compliance will vary across businesses.  The primary cost is likely to be in the appointment of an AML Compliance Officer.  Many small businesses absorb this role into an existing employee’s duties.  If undertaking this approach, you must ensure sufficient resourcing is dedicated to AML CFT. Consequences of not doing so can be significant. Recent regulatory penalties in New Zealand have resulted in fines well over $1 Million.

Because the dashboard is built on automation, AML360 significantly reduces the time factor in meeting compliance.  By reducing your time factor, you are also reducing your human resourcing commitment. This means your employees can spend more time on meeting other business objectives.  

AML360 offers a number of compliance packages which are designed to meet your specific needs. The features of each package are set out in the the pricing tables below.

 

  • BRONZE

  • $3495Excl GST

  • Business Risk Assessment
  • Heat Map
  • Risk Matrix
  • Comprehensive Risk Report
  • AML CFT Programme
  • Guidance Manual
  • Training Course
  • Easy Updates
  • 12-month License
  • Case Management
  • One-on-One Advisory
  • System Implementation
  • Customer Profiling
  • Transaction Monitoring
  • PEP Screening
  • Sanction Screening
  • Compliance Reviews
  • Geography Risks
  • SILVER

  • $5395Excl GST

  • Business Risk Assessment
  • Heat Map
  • Risk Matrix
  • Comprehensive Risk Report
  • AML CFT Programme
  • Guidance Manual
  • Training Course
  • Easy Updates
  • 12-month License
  • Case Management
  • One-on-One Advisory
  • System Implementation
  • Customer Profiling
  • Transaction Monitoring
  • PEP Screening
  • Sanction Screening
  • Compliance Reviews
  • Geography Risks
  • GOLD

  • $POA

  • Business Risk Assessment
  • Heat Map
  • Risk Matrix
  • Comprehensive Risk Report
  • AML CFT Programme
  • Guidance Manual
  • Training Course
  • Easy Updates
  • 12-month License
  • Case Management
  • One-on-One Advisory
  • System Implementation
  • Customer Profiling
  • Transaction Monitoring
  • PEP Screening
  • Sanction Screening
  • Compliance Reviews
  • Geography Risks