First Credit Suisse, (FCS) is fully compliant with NZ DIA’s AML/CFT and USA PATRIOT Act Certification requirements.
In early 2000 pursuant to the USA PATRIOT Act and rules issued by the U. S. Department of Treasury, a U. S. Bank or a U. S. Broker-Dealer in securities (a “Covered Financial Institution) is required to obtain information from any “Foreign Bank or Foreign Financial Institution” that maintains a Correspondent Account with it.
Money laundering is how criminals disguise the illegal origins of their money. Financers of terrorism use similar techniques to money launderers to avoid detection by authorities and to protect the identity of those providing and receiving the funds. The Act came into full force on 30 June 2013.
The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT Act) places obligations on New Zealand’s financial institutions and casinos to detect and deter money laundering and terrorism financing.
The Act ensures that businesses take appropriate measures to guard against money laundering and terrorism financing. This enhances the reputation of individual businesses, and of New Zealand as a safe place in which to do business.
Who does what?
Refer PDF IN THE EMAIL
How does FCS comply?
If an operating business falls within the definition of reporting entity under section 5 of the Act, you will need:
- A Risk Assessment of the money laundering and financing of terrorism that you could expect in the course of running your business
- An AML/CFT Program that includes procedures to detect, deter, manage and mitigate money laundering and the financing of terrorism
- A Compliance Officer appointed to administer and maintain your AML/CFT program
- Customer Due Diligence processes including customer identification and verification of identity
- Suspicious Transaction Reporting, Auditing and Annual Reporting systems and processes.
- Codes of practice and guidelines will be released to help you determine what your obligations are and how you can meet them.
FCS appoints an outside compliance consultant from time to time who has put all this in place for the Financial company and FCS is pleased to inform and advise that FCS are fully compliant with the regulations on AML/CFT in the event that it partakes in any financial activity which classifies it as “ a reporting entity”. However, FCS for the most part only does consulting activity and does not directly engage in financial services or selling financial products.
However, regardless, FCS keep records of all clients in order to maintain integrity of the financial rules and regulations and most importantly the fact that FCS is connected globally with financial Institutions which mostly have similar rules and regulations for identification of clients and other compliances.
