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News in brief – June 2020

  • AUSTRAC annual compliance report is due 30th June
  • AUSTRAC’s has made an example of one of the large 4 banks and other regulated firms are looking to ensure their affairs are in order to avoid the scrutiny and fines
  • FCA fines Commerzbank AG (London branch) £37,805,400 over anti-money laundering failures
  • European Parliament has released a study on improving anti-money laundering policies
  • Mauritius is the latest country to be added on the blacklist for EU
  • European Court of Auditors (ECA) are examining the Union’s efforts to tackle money laundering on the banking sector
  • NZ DIA has extended the timeframe for AML/CTF audits from every 2 years to 3 years, with some businesses eligible to be audited every 4 years
  • NZ DIA also have a mandatory enhanced CDD for companies that have nominee directors or beneficial owners
  • The Department of Internal Affairs released a Regulatory Findings Report for the twelve months ended 30 June 2019.

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