AML update and reminders
We encourage everyone to refer to the DIA website regularly for updates on guidance, information and advice. You can read about some key updates and important reminders here.
Department of Internal Affairs (DIA) website updates
In March 2019, DIA issued its latest AML/CFT news update here.
New goAML (live) environment
Submitting suspicious activity reports (SARs) is an important AML/CFT measure for detecting money laundering and terrorism financing. They are submitted by a reporting entity through goAML when activity is observed that raises red flags and gives reasonable grounds for suspicion. Submission of a SAR is anonymous and confidential.
There is no requirement to stop acting for a client if you suspect suspicious activity but you must complete your SAR obligations. It is important to understand that the AML legislation overrides the Real Estate Agents Act 2008 and your fiduciary obligation to your vendor. If you cannot complete the consumer due diligence on the client, you cannot enter into a business relationship with them.
A reminder that your first annual report is due to the DIA by the end of August for the period 1 January - 30 June 19, read more here.
Upcoming training events
The DIA is hosting a series of training events to help businesses identify what they need to do to complete a risk assessment and document an AML/CFT programme.
Workshops are from 11 June to 3 July around the country - find out more here.