Impact of COVID-19 on independent AML/CFT audits

Section 59(2) of the AML/CFT Act requires a reporting entity to have its risk assessment and AML/CFT programme independently audited every two years. COVID-19 may impact a reporting entity’s ability to have its independent audit undertaken within that timeframe.  Any reporting entity unable to complete its independent audit on time due to COVID-19 should contact the FMA (at [email protected]) to discuss their position.

We will consider each reporting entity’s circumstances on a case-by-case basis, with a view to granting targeted relief where appropriate.