Enforcement action under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act)
JPMorgan Chase Bank, N.A. New Zealand Branch (JPMNZ)
The Reserve Bank of New Zealand (RBNZ) has today issued a formal warning to JPMNZ under section 80 of the Act. As the supervisor of banks and other reporting entities for compliance with their Anti-Money Laundering and Countering Financing of Terrorism (AML / CFT) obligations, the RBNZ has reasonable grounds to believe that for a period of approximately four months in 2013, JPMNZ's AML/CFT risk assessment did not fully meet all the requirements of section 58(3) of the Act.
The Act requires a reporting entity's AML/CFT programme to be based on its own risk assessment. As a result, a reporting entity's risk assessment comprises the essential foundation of an adequate and effective AML/CFT programme. The RBNZ expects the risk assessment of every reporting entity that it supervises to comply with section 58 of the Act.
The RBNZ notes that since 2013 JPMNZ has taken the action that JPMNZ considers necessary to ensure that its risk assessment complies with section 58 of the Act.
Angus Barclay, External Communications Adviser
Phone 04 471 3698, mobile 027 337 1102, firstname.lastname@example.org