Latest news

The Fiducia team's latest views on AML/CFT in New Zealand

New Zealand Business, Foreign Exchange/ 2017-07-13T16:40:39+00:00 July 11th, 2017|

Do New Zealand FX providers need a code of conduct?

Explore how the FX Global Code provides an opportunity for New Zealand FX Providers to re-earn the trust of market participants.

The upheaval of the 2008 Global Financial Crisis shook the public’s trust in the integrity of financial service providers around the world. Governments responded by introducing sweeping regulatory changes in order to rebuild standards of good practice for the financial sector.

International organisations, such as the Bank of International Settlements (BIS), were formed to assist governments in this mission. In May 2017, BIS issued an updated Foreign Exchange (FX) Global Code of Conduct, that was endorsed by New Zealand’s Reserve Bank of New Zealand (RBNZ) and the Financial Markets Authority (FMA).

The Reserve Bank Deputy Governor Grant Spencer said; “The code of conduct applies to both those buying and selling foreign exchange and is a principles-based code rather than a rules-based code”.

The FX Global Code urges FX providers adherence to improve six primary principles:

  1. Ethics
  2. Governance
  3. Information sharing
  4. Execution
  5. Risk Management and compliance
  6. Confirmation and settlement processes
New Zealand FX Providers

FX Global Code of Conduct







Source: KPMG

The introduction of the FX Global Code is an opportunity for the FX market to re-earn the trust of market participants. New Zealand FX providers can charge a premium for their products because the New Zealand financial market’s brand is trusted around the world.

It is in their interests to keep it that way. See who makes the rules in AML / CFT compliance here in New Zealand.

Fiducia is New Zealand’s most trusted AML/CFT compliance specialists.
We take care of your compliance needs so that you can get back to business.
Contact us today.

Hey! This fine print matters! Any content that you’re accessing here may be inaccurate, incomplete or outdated. The reasons for this include that only the New Zealand AML/CFT regulators can tell you what constitutes AML/CFT compliance. Their guidance continues to develop as the regime develops and matures. Your use and interpretation of any content on this site is your responsibility and is at your own risk. This content does not constitute investment or financial advice, taxation advice, accounting advice or legal advice, and use of our services does not establish a fiduciary relationship of any kind.  See Section 9 of our Terms and Conditions for all information relating to your use of the content on this site.