New legislation eases regulations for businesses.
The New Zealand Government has introduced amendments to the Anti-Money Laundering and Countering Financing of Terrorism Act, aimed at providing regulatory relief for local businesses. The changes, announced by Associate Justice Minister Nicole McKee, include 26 reforms designed to improve the efficiency and effectiveness of the AML regime.
Key modifications include relaxing mandatory customer due diligence requirements for low-risk customers, clarifying definitions of trust and company service providers, and enabling a risk-based approach to identifying foreign politically exposed persons. These changes are intended to align obligations with money laundering and terrorism financing risks, reducing compliance costs for businesses.
The reforms are part of a broader programme to improve the AML/CFT regime and provide regulatory relief for New Zealand businesses. The Ministry of Justice is also progressing further changes, including updates to the supervisor model and levy, on a longer-term timeline. The introduction of these amendments aims to tackle organised crime and enhance compliance with international standards.