The Reserve Bank today published an updated assessment of the money laundering and terrorism financing risks that face the financial sector.
Head of Prudential Supervision Toby Fiennes said: “The sector risk assessment is designed to help financial institutions to better understand their own exposure to money laundering and terrorist financing risks.”
The risk rating for the banking sector is in line with similar international assessments. It is rated high risk largely due to factors such as the wide accessibility and availability of banks, the global nature of some banking products, and the volume of transactions (including cash) that banks handle.
The Reserve Bank is responsible for supervising compliance by registered banks, non-bank deposit takers and life insurers with the Anti-Money Laundering and Countering Financing of Terrorism Act (AMLCFT Act), and requires supervised institutions to put processes and systems in place to manage risks that are identified.
“We expect that after reading the Sector Risk Assessment 2017, the institutions supervised by the Reserve Bank will update their own written risk assessments,” Mr Fiennes said
The banking sector continues to have a relatively high potential risk, because money launderers and terrorist financiers are more likely to target financial institutions in that sector, rather than targeting in other sectors.
“The bank sector risk rating hasn’t changed since the Reserve Bank’s last assessment, but more detail has been added about the different risks potentially experienced by New Zealand’s retail-focused banks compared with commercial and business banking or wholesale and institutional banking,” Mr Fiennes said.
The non-bank deposit taker sector is rated as having an overall ‘medium’ potential risk. In the 2017 update, more attention has been given to the money laundering and terrorist financing risks potentially experienced by New Zealand’s credit unions, which have a strong domestic customer focus. Credit Unions’ products and services are becoming more ‘bank like’ and, as a result, the credit union sector has been upgraded to a medium risk rating.
Overall, the life insurance sector has not changed greatly in terms of inherent money laundering and terrorist financing risk. It is rated low risk.
The assessment updates work previously published in 2011. The ratings don’t reflect on the financial stability of these sectors or the institutions within them, but provide an overview of the relative inherent risk of money laundering and terrorist financing. The assessment covers inherent risk and doesn’t take into account any work done by each financial institution to reduce its own individual risks.
More information:Sector Risk Assessment (PDF 1.3MB)
| A RBNZ release || April 07, 2017 |||
Craig Price is the new President of the Institution of Professional Engineers New Zealand (IPENZ).
Mr Price has had a long career with engineering consultancy Beca. He is currently South Island Regional Manager and Chair of Beca’s New Zealand business.
IPENZ currently has a record 19,000 members across all fields of engineering.
Mr Price takes office during a significant period of change for IPENZ, with the organisation adopting a new direction and membership structure.
“This will be another big year of change, as we deliver on our strategies to drive increased credibility and influence for our members.”
Mr Price says he’s passionate about upholding engineering standards. He also wants to see engineers moving beyond technical management into leadership and governance roles, in both business and the wider community.
“Engineers needs to step up and become influencers, not just implementers.
“Problem solving is at the heart of engineering, and engineers can bring this valuable perspective to industry groups and commercial and community boards.”
He has been a strong supporter of Beca’s School Days programme, which gives local high school students the chance to experience a day as a professional consultant in a Beca office.
“Engineering is an energising and challenging profession full of different paths and possibilities. We need to keep attracting the best young talent – and to make sure we support them throughout their careers.”
Mr Price is an IPENZ Fellow and a Chartered Fellow of the Institute of Directors, and is a director of infrastructure services company City Care.
Mr Price will hold office for a year. He succeeds Elena Trout, IPENZ’s second female President.
| An IPENZ reease || April 7, 2017 |||
$1.4b surplus in Crown Accounts to February. The Crown accounts for the eight months to 28 February posted a $1.4 billion operating surplus before gains and losses, $912 million better than expected at the half yearly update, Finance Minister Steven Joyce says.
“Higher tax revenues and lower than forecast expenditure mean the OBEGAL surplus is better than expected,” Mr Joyce says.
Tax revenues from the last year are 3.8 per cent ahead of Budget 2016 expectations and 7.7 per cent ahead of the same period last year, with all categories of tax growing.
“The Government has collected $3.5 billion more in tax in the first eight months of this year compared to last year,” Mr Joyce says. “That’s one of the dividends the country obtains from a consistently growing economy that is responding to a strong economic plan.”
Core Crown expenses were $395 million below forecast.
The $1.4 billion OBEGAL surplus compares to Treasury’s Budget 2016 forecast of a $568 million surplus for the eight months to February at the start of the fiscal year.
“While, the expenses outturn will continue to move around a little, it is good to see the trend of growing tax revenues continue as we head into Budget 2017, Mr Joyce says.
“It’s also good to see us making progress on our debt target, with net debt currently at 23.5 per cent of GDP,” Mr Joyce says. “Reducing net debt to around 20 per cent of GDP by 2020/21 will improve the resilience of the New Zealand economy to future shocks.”
| A beehive release | April 06, 2017 |||
Ξ Auckland Airport launches Strata – revamps lounge, wifi
Ξ Engineer defends assessment of quake-damaged Wellington building
Ξ What's next for America's Cup technology - boats with wings?
Ξ Human-like avatar gives glimpse of the future
Ξ Napier Port chief executive announces retirement
Ξ Consent in for five-star hotel in Dunedin
Ξ Scott Technology positioned for good growth
Babcock International’s Australasian CEO for engineering, infrastructure and aviation believes local operations will grow by more than 25 per cent annually, it has been reported in todays Manufacturers' Monthly
David Ruff spoke with the AFR about the potential for the business, which has been awarded contract “to provide offshore helicopter support services” in the Timor Sea for the United States oil and gas company Conoco Philips.
Babcock International has annual global revenues over $9 billion and opened a new regional headquarters in Adelaide on Wednesday.
In Australia and New Zealand, the company was generating revenues of $15 million from four years ago and has seen that rise to $250 million annually.
Last September, Babcock secured a five-year contract to help manage Qantas airline’s aviation fleet in 60 locations across Australia.
There are also further opportunities in engineering, defence, and transport and infrastructure sectors.
| A Manufacturers'Monthly release || April 06, 2017 |||
An Irish insulation manufacturer , Kingspan who also have presence in the New Zealand market, has officially opened its new facility in Somerton, creating 50 new jobs, and setting new standards in energy efficiency.
Victorian Minister for Industry and Employment Wade Noonan congratulated Kingspan at a special ribbon-cutting ceremony.
The Victorian Government has worked with Kingspan to develop the Oherns Road factory – worth about $40 million – by providing funding support and assisting with planning and approval.
The company’s new Somerton base has become Australia’s first ever Green Star rated manufacturing facility.
It includes a 750 kW solar system built into the roof design, and innovative features such as industrial low energy lighting and heating systems.
It’s at least 10 per cent more energy efficient than Kingspan’s other manufacturing facilities.
Kingspan will supply its insulation products to the Australia, New Zealand, Asia, and Oceania markets, with 35 per cent of output expected to be exported by 2020.
The Victorian Government supported Kingspan’s investment in partnership with the Federal Government through the Melbourne’s North Innovation and Investment Fund (MNIIF).
MNIIF has since been replaced by the $33 million Local Industry Fund for Transition (LIFT), supporting new investment, and creating jobs for retrenched automotive workers.
These grants have already created an additional 122 jobs from six projects in Melbourne’s north – as the Victorian Government works to build a strong, innovative and sustainable manufacturing sector.
| A Kingspan release | April 06, 2017 |||
Last week I attended a business conference and was talking to a rather sceptical business owner about health and safety and its benefits.
In his view, it was just another thing to do and made no difference to his business. I suppose, depending on the business this could be the case. We then discussed this at some length and I suggested that he look at the converse approach of what would be the impact on his business if something did go wrong. In effect, the what if approach for good risk management. So whats eventuated is that I will be attending his next managers and H&S committee meeting to illustrate the point through a simple yet effective group exercise.
To see how this can work for your business I have put together an article called The Ripple Effect which you can read here.
Gordon Anderson runs Health & safety consultancy Hasmate
Emirates has introduced another service to mitigate the inconvenience of the recent ban on electronic devices on board US-bound flights. First and Business Class passengers will now be able to borrow tablets on board Emirates’ US-bound flights from Dubai allowing them to continue working during their flight.
The new service is in response to the US Transportation Security Administration (TSA) directive which requires all passengers travelling on non-stop flights to the US from Dubai to check-in their laptops, tablets, and other personal electronic devices larger than a smart phone.
As part of this latest service, Emirates’ premium customers will have Microsoft Surface tablets equipped with Microsoft Office 2016 available for loan on board. Customers can download their work on to a USB which can be brought on board and plugged into the devices to continue working seamlessly.
The service is complimentary and will be available on all non-stop flights from Dubai to Emirates’ US destinations. Emirates provides connections at Dubai from its five daily A380 services from New Zealand to the US.
For customers who prefer to stow away their personal devices and simply enjoy the award winning inflight entertainment and service on board, Emirates had introduced a laptop and tablet handling service for US-bound customers. This complimentary service has been made available to passengers in all cabin classes since 25 March 2017, which was when the new TSA rules took effect.
This service allows customers to retain and utilise their personal devices until just before they board their US-bound flights. Passengers must then declare and hand over their laptops, tablets, and other banned electronic devices to security staff at the boarding gate, who will pack and tag each device to be stored in the aircraft hold and returned to the customer at their US destination.
Watch a video on how Emirates’ handling service works here.
To date, nearly 8,000 passengers have utilised Emirates’ laptop and tablet handling service on the airline’s 112 weekly non-stop flights departing Dubai International airport to cities in the USA. Emirates has received positive feedback from appreciative customers, and reports an even mix of Economy, Business and First class passengers utilising its laptop and tablet handling service.
These two new services by Emirates gives customers travelling to the US several options, such as: packing their electronic devices into their check-in baggage at their point of departure; the opportunity to use their laptops and tablet on their first leg of their journeys and during transit in Dubai, up to the moment they board their US-bound flight; and for premium customers the choice to continue working on loaned devices on board. Customers can stay connected in the air with mobile phone connectivity, in-seat telephones with SMS and email and live TV on most flights. Currently, over 85% of Emirates’ fleet of passenger aircraft is equipped with Wi-Fi on board.
The TSA directive does not apply to Emirates’ US-bound flights via Milan (EK205) and Athens (EK209). It also does not impact flights departing from the US, or Emirates’ flights to any other destination.
Emirates customers flying to the US can find out more about how the new TSA rules impact them at www.emirates.com/electronicsban.
Emirates serves 12 US airports with passenger flights - Newark (EWR), Fort Lauderdale (FLL), Orlando (MCO), Chicago (ORD), Boston (BOS), San Francisco (SFO), Los Angeles (LAX), Seattle (SEA), Dallas (DFW), Houston (IAH), Washington (IAD) and New York (JFK).
| An Emirates release | April 06, 2017 |||
The government’s business innovation agency has launched the 2017 C-Prize, offering challenge prizes to develop great ideas in wearable technology.
Callaghan Innovation CE Vic Crone says the C-Prize incentives, which include a $100,000 grand prize package will stimulate some great ideas, and the very best will become viable businesses.
“We know it takes a lot of courage to make the leap into innovation, and an opportunity like C-Prize can be just the nudge that people with ideas and ambition need to create a tangible concept.”
C-Prize 2017 calls for innovation in three important areas for New Zealand: living healthier, working safer and playing smarter.
Entrants need to create a hardware-software wearable solution that captures and processes user data and communicates feedback allowing the user to act to enhance their outcome.
Entries close July 2, 2017.
VX Sport CEO, Richard Snow, who will be one of the C-Prize 2017 judges, says wearable technology offers an exciting and virtually limitless opportunity for innovators.
“It can not only enhance personal communications for people within their environment, but also to create sensors and analysis that will improve health, wellness and efficiency in our daily lives.”
The first C-Prize, held two years ago, created a huge buzz around drone-tech, and launched the successful Dotterel venture, which has won awards and attracted investment for its noise-reduction technology was showcased as a C-Prize finalist in 2015.
The competition is open to anyone aged 16 and over, living in New Zealand. Entries are open until midnight, July 2, 2017 at www.cprize.nz.
| A CallaghanInnovation release || April 05, 2017 |||
Palace of the Alhambra, Spain
By: Charles Nathaniel Worsley (1862-1923)
From the collection of Sir Heaton Rhodes
Oil on canvas - 118cm x 162cm
Valued $12,000 - $18,000
Offers invited over $9,000
Contact: Henry Newrick – (+64 ) 27 471 2242
Mount Egmont with Lake
By: John Philemon Backhouse (1845-1908)
Oil on Sea Shell - 13cm x 14cm
Valued $2,000-$3,000
Offers invited over $1,500
Contact: Henry Newrick – (+64 ) 27 471 2242