Former Bell Gully lawyer and chair of Mint Asset Management Mark Todd has been appointed chair of the New Zealand Financial Markets Authority (FMA), replacing Murray Jack. The FMA also released a reporting into New Zealand's AML/CTF systems, saying the electronic verification systems used by the country's financial sector were still "not fit for purpose and include inadequate frequencies and transaction values". It wants to see an increased focus on reviewing independent audit reports, more in-depth reviews of client on-boarding and account monitoring processes, and a particular focus on the awareness of front line staff of money laundering risks.