AML Health Check for NZ Businesses
Undertake an AML Health Check to comply with section 59 for conducting an internal AML/CFT compliance review. The AML Health Check report will identify compliance weaknesses and provide tips on remedying and closing any compliance gaps. Your report examines 70+ hot spots identified by auditors as often problematic.
What is an AML Health Check?
An AML Health Check refers to undertaking a review to check the level of compliance against laws for anti-money laundering and countering financing of terrorism.
Also known as an AML/CFT Health Check, Anti-Money Laundering Compliance Officers can use an AML/CFT Health Check as a pre-audit examination to test strengths and weaknesses.
An AML Health Check is typically undertaken on at least an annual basis. The results guide business entities on areas that require closer attention.
AML Health Check for Governance Reporting
AML360’s AML Health Check has many benefits, including the ability to succinctly inform management with the use of Heat Maps.
What are AML/CFT Heat Maps
Heat Maps provide an attractive visual display with a snap-shot description of risk.
Using colour coding to reflect the risk level of Low, Medium or High, a business and Anti-Money Laundering Compliance Officer obtains a general overview of the risk status.
An AML/CFT Heat Map can be used for any type of compliance reporting. This may include the (a) AML Business Risk Assessment, (b) Client Risk Profiling, (c) Internal Compliance Reporting, (d) Activity Monitoring and (e) Geography Risks.
An AML Health Check Supports Informed Decision Making
Compliance laws for Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT), expect risk-based decision making.
An AML Health Check can be used as a governance control to monitor the compliance status.
Senior management personnel such as Board members and Risk Committees obtain informed reports.
The use of Heat Maps in an AML Compliance Review enables receivers of the AML Health Check Report to quickly interpret results.
The AML360 Health Check includes Heat Maps and reporting to explain the risks.
Tips and Guidelines assist to remedy any weaknesses.
How much does an AML Health Check cost?
AML360’s Health Check for New Zealand reporting entities can be obtained for $250. This low cost is a good investment for your annual review of AML/CFT Compliance.
Remedying AML/CFT Compliance Weaknesses
Following an AML/CFT Compliance Health Check, your business should have systems in place that enable any weaknesses to be tracked and remedied to a compliant status.
The ability for a business to monitor, track and record compliance reviews is an important control for any anti-money laundering compliance programme.
Your AML/CFT Auditor and AML/CFT Supervisor will expect your business to demonstrate controls for monitoring and reporting on your firm’s AML/CFT compliance status.
Internal Reporting
When undertaking an internal AML/CFT compliance review, record-keeping must be maintained. This record-keeping will be examined by AML/CFT Auditors to assist in determining the adequacy of controls.
