Course to educate businesses on Anti-Money Laundering Law

Venkat Raman

Venkat Raman

Auckland, January 27, 2021

Massey Fin-Ed Centre offers 50-hour joint programme with Maxima

(Photo by John McArthur on Unsplash)

 Massey University is launching a new training programme on Anti-Money Laundering Law (AMLC) to help businesses understand the compliance procedures and prevent potential losses resulting from dealing with money launderers.

The Massey Fin-Ed Centre, functioning as a part of the Massey Business School and Maxima, a financial consultancy firm, is jointly offering the Programme called ‘The New Zealand Anti-Money Laundering Compliance Officer (NZAMLCO).’

About the Programme

Stated to be the first of its kind in the country, the micro-credential programme aims to ensure that managers, compliance officers and other relevant staff of businesses covered under the Anti-Money Laundering and Countering Financing of Terrorism 2009 Act (AML/CFT Act) are properly equipped to support their business and effectively and efficiently manage their compliance obligations under this Act.  

Enrolment opens on April 1, 2021, with the course going live on  May 1, 2021.

To register interest, please email Fin-Ed@massey.ac.nz 

Course content is delivered via Massey’s extramural learning platform.

 

 Dr Pushpa Wood

Fin-Ed Centre Director Dr Pushpa Wood said that a lack of knowledge among local businesses about how best to comply with New Zealand’s Anti-Money Laundering Laws has resulted in financial losses for companies and tax-payers alike.

“Through this course, we aim to take away the mystery and the ‘too difficult to implement approach’ that people have developed over the years towards Anti-Money Laundering Compliance requirements.”

She expects lawyers, money remitters, accountants, financial advisors, real estate agents and a range of other businesses to benefit from the course, gaining the ability to apply the learning to implement the relevant AML/CFT systems in their organisations.

Self-paced learning

“NZAMLCO offers 50 hours of structured, self-paced learning that will give participants a good understanding of New Zealand’s AML/CFT regime as well as global money laundering and terrorism financing issues. Course participants will become familiar with businesses’ minimum requirements and obligations under the AML/CFT Act 2009,” Dr Wood said.

 

Guy Dobson

Maxima Director Guy Dobson said that most training in this area, including those undertaken by supervisors is supplied by internationally-based groups.

“Our understanding is that these courses focus mainly on overseas legislation. New Zealand businesses must adhere to New Zealand legislation. However, we have found that in the past seven years of consulting, businesses still struggle to understand how to prepare their AML/CFT risk assessments and programmes in accordance with the mandatory requirements of the AML/CFT Act,’ he said.

Haemorrhaging Money

According to Mr Dobson, many businesses are “haemorrhaging money” because they do not understand the fundamental requirements of the Act and how simple they actually are to implement.

“While some seek to exploit this knowledge gap and overcharge their services, this micro-credential course will provide businesses the tools and understanding to effectively manage their own AML/CFT compliance. It will also provide micro credits to those who wish to pursue a career in compliance with the AML/CFT Act,” he said.

Applying global rules

Mr Dobson said that New Zealand is among more than 200 countries that have signed up to the rules of the Financial Action Task Force (FATF).

“As a policy-making body, FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas,” he said.

FATF has developed 40 recommendations to ensure that countries take effective measures to deter and detect attempts by criminals and terrorist financiers to use countries’ financial systems to benefit from their criminal activity or to finance terrorism.

“FATF monitors countries to ensure they implement the recommendations fully and effectively and holds countries to account that do not comply. Countries that do not effectively implement FATF’s recommendations are put on their grey or blacklists. A country on either of these lists will find it difficult to participate in the global economy,” Mr Dobson said.

About Massey Fin-Ed Centre

The Massey Fin-Ed Centre was established in 2011 to help New Zealanders become more financially savvy by improving their knowledge, attitudes and behaviour towards money. It is globally unique for the breadth of its work around financial capability, covering education, research and consultancy. It also runs courses and professional development programmes for both groups and individuals in personal financial management.

About Maxima

Maxima is a joint venture between Compliance Plus and Dynamique. Compliance Plus is a leading provider of advice, compliance testing, risk assessment and enterprise evaluation for all companies in New Zealand impacted by the AML/CFT Act and Regulations. Dynamique is a wholesale/institutional capital markets, risk, and business performance education firm. Originally set up in the UK, it was a leader in providing workshops and e-learning content to financial firms on topics as global custody, derivatives, trading and best execution, and client relationship management.

Further information can be obtained by email from Dr Pushpa Wood p.wood@massey.ac.nz or Guy Dobson guy@maxima.nz 
The above story has been sponsored by

Booking.com

Related posts

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: