AML/CFT Compliance
How Risk Rater helps you meet regulatory requirements and streamline your compliance processes.
Understanding AML/CFT Compliance
The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 requires reporting entities in New Zealand to implement measures to detect and prevent money laundering and terrorism financing. Phase 3 of this Act, effective June 1, 2025, introduces enhanced customer risk rating requirements.
Compliance Deadline: June 1, 2025
All reporting entities must implement enhanced customer risk rating procedures by this date to avoid penalties and regulatory action. Risk Rater is designed to help you meet this deadline with minimal disruption to your business.
Key Compliance Requirements
Customer Risk Assessment
Develop and implement a framework for assessing the money laundering and terrorism financing risks posed by customers.
Documentation and Record-Keeping
Maintain comprehensive records of risk assessments, customer due diligence, and supporting evidence for at least 5 years.
Ongoing Monitoring
Regularly review and update customer risk ratings based on changes in circumstances or transaction patterns.
Suspicious Activity Reporting
Implement procedures for identifying and reporting suspicious activities to the appropriate authorities.
Technology Risk Assessment
Assess and document the money laundering and terrorism financing risks associated with new technologies adopted by your business.
How Risk Rater Helps You Comply
Configurable Risk Rating Engine
- • Customizable risk factors based on your specific business needs
- • Automated risk scoring to ensure consistency
- • Pre-configured templates aligned with NZ regulatory requirements
- • Regular updates to reflect changes in regulations
Comprehensive Documentation
- • Secure storage of all risk assessments and supporting evidence
- • Automated record-keeping for the required 5-year period
- • Audit-ready reports and documentation
- • Change tracking to document updates to risk assessments
Ongoing Monitoring
- • Automated alerts for review deadlines
- • Streamlined process for updating risk assessments
- • Dashboard view of risk distribution across your client base
- • Notification system for regulatory changes
Suspicious Activity Management
- • Tools for documenting suspicious activities
- • Guidance on reporting requirements
- • Templates for suspicious activity reports
- • Secure record-keeping of all reported activities