Associate Justice Minister Nicole McKee has welcomed BusinessNZ's report highlighting the need to reduce the compliance burden on small businesses.
The report, released on 29 October 2024, echoes concerns heard by Minister McKee, who is working to reform the Anti Money Laundering/Countering Financing Terrorism (AML/CFT) regime. The AML/CFT work programme aims to address challenges faced by businesses, including high costs associated with customer due diligence settings.
Minister McKee has announced plans to improve areas such as CDD and simplify guidance for businesses. BusinessNZ recommends moving to a single AML/CFT supervisor to provide clear and consistent guidelines. This initiative aligns with the ACT party's campaign promise to make AML compliance user-friendly for small businesses.
The government's work programme will also consider expanding exemptions available and simplifying the application process. The proposed reforms aim to reduce the overall burden on businesses, providing them with more relief from AML requirements.