New Zealand’s Final AML Reform Bill Introduces Targeted Anti-Money Laundering Measures
The New Zealand Government is introducing the AML/CFT (Omnibus) Amendment Bill, marking the most significant reform of anti-money laundering laws since 2009, aiming to reduce unnecessary compliance burdens on ordinary citizens and businesses by focusing on actual risks. The Bill enhances tools to address suspicious activities, including temporary freezing of high-risk transactions, and introduces powers to regulate cash payments in remittance services and virtual assets, with planned consultations to ensure practical implementation. These reforms complete a broader overhaul that simplifies customer verification, centralizes regulation under the Department of Internal Affairs, and promotes proportionate, risk-based regulation to safeguard against money laundering and terrorist financing.