New Zealand Unifies AML/CFT Regulation Under DIA to Combat Financial Crime

Today marks a major step toward a smarter, more practical anti-money laundering system, with the Department of Internal Affairs becoming New Zealand’s single AML/CFT regulator, says Associate Justice Minister Nicole McKee.

Around 1,200 businesses will move under DIA’s supervision, bringing all of the approximately 6,100 reporting entities under one regulator. That means clearer guidance, more consistent oversight, and less confusion for businesses trying to do the right thing, says Mrs McKee.

Businesses and their customers should not be buried in pointless paperwork when the real target is organised crime, fraudsters, and those moving dirty money through New Zealand.

DIA already has intelligence-led experience supervising casinos, money remitters, and other high-risk sectors. Since the single supervisor was announced in 2024, DIA has worked closely with the Financial Markets Authority and the Reserve Bank to ensure a coordinated and seamless transition.

With three reform Bills now passed into law and a final one still to come, the Government is cutting unnecessary compliance, reducing costs where the risk is low, and making the system easier to navigate.

The first of July also marks the beginning of a four-year programme to implement the new AML/CFT National Strategy 2026–2030 which sets out a vision of making it easier to do business and harder to commit crime.

An industry levy will be introduced to part-fund the reform programme in parallel with Crown funding. The new levy will provide better resourcing for the New Zealand Financial Intelligence Unit to improve intelligence sharing, DIA to enhance their supervision function, and for the Ministry of Justice to administer the regulatory system. The levy was designed in consultation with industry, will be payable from July 2027, and will be reviewed every three years.

These reforms will strengthen our ability to detect and disrupt the more than $1.6 billion laundered in New Zealand each year, protect access to global financial markets, and make the system far more workable for the businesses expected to comply with it, says Mrs McKee.

Notes to editors: Registered banks, non-bank deposit takers and firms operating in securities markets make up the 1,200 businesses transferring to DIA’s supervision.

Levy decisions, including the Cabinet paper, Summary of Submissions and the Ministry’s response to submissions, will be proactively released once levy regulations are published.