The Voice of the AMLCO: Expectations, Pressure & Responsibility

Reporting entities captured by the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 understand that one role sits at the centre of the entire compliance framework – the AML Compliance Officer (AMLCO).

The AMLCO carries significant responsibility. They must maintain an effective AML/CFT programme, ensure their organisation meets supervisor expectations and provide assurance to senior management and the board that business risks are being managed.

In many ways, the AMLCO is steering the organisation’s approach to financial crime risk while balancing regulatory obligations with the day-to-day operations. Policies, procedures, and controls need to work in practice and decisions often involve judgment calls, particularly when dealing with higher-risk customers and unusual transactions.

The pressure AMLCOs are feeling comes from sitting at the intersection of compliance, regulatory expectations and real-world business operations. A constant balancing act.

Inside the AMLCO role

New Zealand reporting entities are well versed in operating under the AML/CFT regime. With a mature regulatory framework in place, many organisations now have established compliance programmes and risk assessments, yet AMLCOs still face on-going challenges of ensuring these remain practical and aligned with evolving risks.

Much of the role involves judgement. Not every situation fits neatly within a written template. It requires a clear understanding of both regulatory expectations and the way the business operates in practice.

Worth noting is that the AMLCO role can look different depending on the stage of the organisation. Some are managing mature programmes, while others are newer to the regime or stepping into the role for the first time.

It is these varying experiences that make peer insight valuable. Hearing how others approach similar challenges, interpret expectations, manage pressures within their business, and navigate difficult judgment calls can provide both perspective and reassurance.

A Conversation with AMLCOs

At the AML Summit on the 11-12 May, the panel session The Voice of the AMLCO brings together AMLCOs from organisations of different sizes and sectors to share their experiences.

The panel includes:

Ashleigh Henderson, AMLCO, Barfoot & Thompson; Sarah Henderson, AML Manager, Unity Credit Union; Rob Vaudrey, Financial Crime Advisor; Genelle David, AML Manager, Fonterra.

Together, they will discuss challenges they face in their roles, where to focus limited resources, maintaining compliance under commercial pressure, the lessons they’ve learned from operating within the AML regime, and more.

For those working in AML roles, this session offers an opportunity to hear how others are navigating similar pressures and responsibilities. These shared experiences will provide practical insight that can be applied within your own organisation.

Join the Discussion

The role of the AMLCO continues to evolve as expectations, risks and business environments change. While the AML/CFT legislation provides the guidance, many of the practical decisions made in AML roles rely on experience, judgement and the ability to navigate situations that rarely come with a clear answer.

Learning from others who face similar responsibilities can offer valuable insight into how different organisations approach these challenges.

If AML oversight sits within your role, this discussion offers a forum to hear directly from AMLCOs across sectors.

Explore the full agenda and join the discussion.