COMPLIANCE PROGRAM
Your risk management framework
Your risk management framework
Transitional Assurance Program: cost-effective framework
A Transitional Assurance Program is a high-level, cost-effective way to start the process of plugging risk 'gaps' before the full weight of the new regulatory
requirements become mandatory for all relevant businesses. Contact us for details.
Opportunity to build capability
With a Transitional Assurance Program your business is saved the cost of preparing an exhaustively comprehensive legislatively mandated Compliance Program detailing systems and procedures for identifying, managing, mitigating and reviewing money laundering and terrorist financing risks facing non-exempt businesses.
Leading professional services firms should – for reasons of prudence, best practice, reputation and competitive advantage – begin incorporating some of the capabilities that are becoming standard New Zealand business practice. Banks had more than three years to prepare. Professional services firms have as little as another year to prepare for the biggest change to their operations in decades. Realistically it may be longer, although the law has been in place since 2009 and the expected lead in time for tranche 2 businesses is expected to be much shorter.
Although financial institutions must comply in the full glare of regulatory oversight, transitionally exempt businesses have the benefit of a brief window of
opportunity to build AML CFT awareness, expand operational capabilities and ensure no hidden surprises before mandatory reporting and regulatory supervision applies to their operations.
A Transitional Assurance Program is a high-level, cost-effective way to start the process of plugging risk 'gaps' before the full weight of the new regulatory
requirements become mandatory for all relevant businesses. Contact us for details.
Opportunity to build capability
With a Transitional Assurance Program your business is saved the cost of preparing an exhaustively comprehensive legislatively mandated Compliance Program detailing systems and procedures for identifying, managing, mitigating and reviewing money laundering and terrorist financing risks facing non-exempt businesses.
Leading professional services firms should – for reasons of prudence, best practice, reputation and competitive advantage – begin incorporating some of the capabilities that are becoming standard New Zealand business practice. Banks had more than three years to prepare. Professional services firms have as little as another year to prepare for the biggest change to their operations in decades. Realistically it may be longer, although the law has been in place since 2009 and the expected lead in time for tranche 2 businesses is expected to be much shorter.
Although financial institutions must comply in the full glare of regulatory oversight, transitionally exempt businesses have the benefit of a brief window of
opportunity to build AML CFT awareness, expand operational capabilities and ensure no hidden surprises before mandatory reporting and regulatory supervision applies to their operations.