Aspects of the services offered by the accountancy profession are identified as being attractive to criminals wanting to launder the proceeds of crime and to finance terrorism.

Why does the accountancy profession have AML/CFT obligations?

The services offered by accountants and bookkeepers are vulnerable to money laundering activities due to their link to financial transactions, such as money transfers, trust account deposits, as well as the establishment of legal entities to hold assets.

Some services provided by accountants and bookkeepers may be attractive to criminals seeking to avoid detection or raising red flags when accessing the financial system.

The services offered by accountants and bookkeepers may also have become more attractive to criminals over the past few years as the financial sector has implemented comprehensive AML/CFT measures.

What are the ML/TF risks faced by the accountancy profession?

The Money Laundering and Terrorist Financing (ML/TF) risks associated with the accountancy profession include:

  • Criminals may seek to conduct their financial activity through an accountant to disguise their criminal involvement
  • Criminals may seek out accountants as gatekeepers to the financial system to give the impression of respectability and legitimacy
  • Criminals may misuse accountants’ trust accounts for deposits or international wire transfers to avoid detection
  • Criminals may seek the assistance of accountants to establish companies or trusts which they use to obscure who really owns or controls the funds and assets.

Accountants must ensure the organisation conducts a comprehensive ML/TF risk assessment to identify, assess, mitigate and manage ML/TF risk exposures. This is a critical first step in complying with AML/CFT laws.

What services are covered by AML/CFT obligations?

These are the services offered by accountants and bookkeepers that are covered by AML/CFT obligations.

  • Acting as a formation agent of legal persons or legal arrangements
  • Acting as, or arranging for a person to act as, a nominee director or nominee shareholder or trustee in relation to legal persons or legal arrangements
  • Providing a registered office or a business address, a correspondence address, or an administrative address for a company, or a partnership, or for any other legal person or arrangement
  • Managing client funds (other than sums paid as fees for professional services), accounts, securities, or other assets
  • Engaging in a transaction on behalf of any person in relation to the buying, transferring, or selling of a business or legal person (for example, a company) and any other legal arrangement
  • Engaging in a transaction on behalf of a customer in relation to creating, operating, and managing a legal person (for example, a company) and any other legal arrangement

If you offer or provide one or more of the above services, your business will be subject to AML/CFT obligations.

What is the risk based approach for New Zealand's AML/CFT regime?

The AML/CFT regime is risk based, which means that your responses to the AML/CFT obligations placed upon you should be risk-based. 

A risk-based AML/CFT regime requires that you understand and address the Money Laundering and Terrorism Financing (ML/TF) risks associated with the services you offer.

You must then design, implement and maintain systems, procedures and controls that are proportionate to your ML/TF risks.

How can Initialism help?

Initialism are the AML/CFT experts, so you don’t have to be.

With over 30 years of expert knowledge and real world experience our AML/CFT compliance solutions will to help you navigate your legal and regulatory requirements so that your business complies with its AML/CFT obligations in the fastest and most cost-effective way.

Initialism has a range of AML/CFT solutions to support becoming AML/CFT compliant and maintaining compliance:

Our solutions allow you to tailor support based on your capacity, experience and budget.

AML/CFT compliance solutions for
accountancy practices

From self-guided to fully dedicated support, our AML/CFT compliance solutions for the accountancy profession draw on unparalleled expertise, knowledge and real-world experience. Click below to discover which of our AML/CFT compliance solutions is right for your accountancy practice.
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*$NZD excl. GST

UNSURE OF THE BEST SOLUTION FOR YOUR PRACTICE?

Why chose Initialism?

UNPARALELLED EXPERTISE

Our expertise covers all AML/CFT disciplines and brings unique perspectives, approaches and solutions to the AML/CFT challenges faced by the accountancy profession

IN-DEPTH INDUSTRY KNOWLEDGE

Our AML/CFT compliance knowledge includes working with accountancy firms and we understand what compliance means for your business

REAL WORLD PERSPECTIVES

We have experience in delivering workable AML/CFT compliance to the accountancy profession

OVER 30 YEARS EXPERIENCE

Our knowledge and expertise has been hard earned and comes from working in the area of AML/CFT for many decades

SOLUTIONS THAT WORK

We have experience providing tried and tested AML/CFT solutions, regardless of the size and complexity of your accountancy practice

TAILORED FOR YOUR BUSINESS

Our AML/CFT compliance solutions are flexible and can be tailored to your capacity, experience and budget

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NEED OTHER AML/CFT COMPLIANCE SERVICES?

Together with our AML/CFT compliance solutions we offer a range of additional services to help New Zealand accountancy practices including AML/CFT Independent Audit and AML/CFT Training.