Lack of awareness on AML
The Financial Markets Authority last week revealed it had formally warned 12 reporting entities for breaches of the Anti-Money Laundering and Counter Financing of Terrorism laws.
Gavin Austin, of ABC Compliance, and formerly of the FMA, said it was not a surprise.
“It’s a shot across the bows, but it’s what is needed. There are still a lot of people out there that just haven’t done it. They’ve got their heads buried in the sand, or maintained for whatever reason that they didn’t think they needed to be reporting entities.”
He said some people could not understand how their business activities could be considered a risk. “they don’t think they should be caught by it, so they are butting their heads against the system.”
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