Audits a struggle for advisers

The FMA released its first monitoring report on the AML/CFT regulations this week, and reported high levels of non-compliance.

Businesses that are reporting entities under the AML rules have to be audited every two years, or as requested by the FMA.

Adviser Meredith Cornelius, who started up an audit business to help advisers access low-cost audits, said she had been frustrated at the level of non-compliance she had encountered.

She said many advisers were blaming the FMA, which was just administering a law that was being applied internationally.