(1)
An audit under section 59 or 59A must be carried out by an independent person, appointed by the reporting entity, who is appropriately qualified to conduct the audit.
(2)
A person appointed to conduct an audit is not required to be—
a chartered accountant within the meaning of section 19 of the New Zealand Institute of Chartered Accountants Act 1996; or
qualified to undertake financial audits.
(3)
A person appointed to conduct an audit must not have been involved in—
the establishment, implementation, or maintenance of the reporting entity’s AML/CFT programme (if any); or
the undertaking of the reporting entity’s risk assessment (if any).
(4)
The audit of a risk assessment under section 59 is limited to an audit of whether the reporting entity’s risk assessment fulfils the requirements in section 58(3).
(5)
A reporting entity must provide a copy of any audit to its AML/CFT supervisor on request.
Section 59B: inserted, on 11 August 2017, by section 29 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).