Bell Gully conversations with the AML/CFT Supervisors: Andrew Holmes and Rob Milnes

15 September 2023

New Zealand’s anti-money laundering and countering financing of terrorism (AML/CFT) regime continues to evolve, with new regulations in force (and to come) and ongoing enforcement action from the three supervisors.  Our specialist Anti-Money Laundering (AML) team has had a series of conversations with the three AML/CFT supervisors to understand the supervisors’ respective positions on commonly faced compliance issues and trends in enforcement.

In our third conversation of the series, litigation partner Alix Boberg interviews Deputy Director of Operations, Andrew Holmes and AML/CFT Investigations Manager, Rob Milnes from the Department of Internal Affairs. The conversation involves a range of AML/CFT topics, including:

  • Working with AML/CFT supervisors
  • New regulatory changes
  • Common themes from the DIA’s reviews
  • Customer due diligence (CDD)
  • The DIA’s expectations of self-reporting
  • Learnings from recent warnings issued
  • The DIA’s priorities looking forward

The interview can be viewed below. 

We hope you find the insights from the conversation helpful.

For other conversations in the series see:

Bell Gully conversations with the AML/CFT Supervisors: Angus McGregor and Kerry Beaumont, RBNZ
Bell Gully conversations with the AML/CFT Supervisors: James Greig FMA Director of Supervision

If you have any questions about the matters raised in this discussion, please get in touch with the contacts listed or your usual Bell Gully adviser.

Disclaimer: This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.