First NZ Capital specifies Thomson Reuters for AML compliance

18 July 2012

First NZ Capital, one of New Zealand’s leading share broking and investment banking firms, has selected Thomson Reuters TransWatch for their end-to-end anti-money laundering (AML) transaction monitoring needs.

Thomson Reuters TransWatch, part of the Thomson Reuters Accelus portfolio of solutions, will help First NZ Capital in complying with new AML and Counter Financing of Terrorism (AML/CFT) obligations in New Zealand.

New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism Act 2009 introduced a broad risk-based framework for a major overhaul of the country's AML regime. The Act comes into force on 30 June 2013 and firms in New Zealand are required to be fully compliant by this date, hence First NZ Capital’s specification move.

The Thomson Reuters TransWatch solution will give the firm a library of rules specifically built to assist financial institutions in the identification of suspicious behaviour, using pattern spotting software and alerts.

Powered by Thomson Reuters World-Check, of which First NZ Capital is an existing user, the solution provides information that profiles entities and individuals, which can be used in the due diligence processes of the international business community.

“We have taken a crucial step in meeting our future legal obligations and continuing to safeguard our business and reputation by meeting the AML/CFT monitoring needs of our business,” said Richard Bodman, managing director, head of finance and operations, First NZ Capital. “The data screening against World-Check is also proven and enables us to efficiently comply with aspects of client screening including of Politically Exposed Persons (PEP’s) and against sanctions lists.”

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