Articles tagged with Financial Markets Authority
New Zealand Unifies AML/CFT Regulation Under DIA to Combat Financial Crime
5 days ago | 94 viewsNew Zealand’s Department of Internal Affairs (DIA) has become the sole regulator for anti-money laundering and counter-financing of terrorism (AML/CFT), consolidating oversight of about 6,100 reporting entities to provide clearer guidance and reduce compliance burdens. The government has passed multiple reform bills and launched a four-year AML/CFT National Strategy (2026–2030) aimed at making it easier to do business while targeting organized crime and fraud. An industry levy, starting in July 2027 and designed with sector input, will help fund enhanced intelligence sharing, supervision, and regulatory administration to strengthen New Zealand’s ability to detect and disrupt money laundering.
Tags: Nicole McKee Department of Internal Affairs New Zealand Financial Markets Authority Reserve Bank Ministry of Justice Financial Intelligence Unit organised crimeBudget 2026 Introduces Prudential Levy on NZ Banks and Financial Firms
1 month ago | 316 viewsBudget 2026 introduces a new prudential levy on banks, non-bank deposit takers, insurers, and financial market participants to cover Reserve Bank regulatory costs, aligning with international practices and ensuring taxpayers do not bear these expenses. The levy, expected to raise around $209 million over four years, will be paid to the Reserve Bank and returned to the government via increased dividends, with implementation planned for mid-2027 after consultation. This measure aims to strengthen New Zealand’s financial system by funding supervision, licensing, monitoring, and crisis management of regulated entities, including 27 banks, 14 non-bank deposit takers, 81 insurers, and five financial market infrastructures.
Tags: Budget 2026 prudential levy Reserve Bank Nicola Willis Financial Markets Authority Commerce Commission New Zealand banks insurers financial market participants financial regulationBudget 2026: New Prudential Levy on NZ Banks and Financial Market Players
1 month ago | 313 viewsBudget 2026 introduces a new prudential levy on banks, non-bank deposit takers, insurers, and financial market participants to fund the Reserve Bank’s regulatory and supervisory services, ensuring these costs are borne by the industry rather than taxpayers. The levy, estimated to raise around $209 million over four years, aligns with international practices and will be implemented by mid-2027 after sector consultation. It targets a broad range of financial entities, including 27 banks, 14 non-bank deposit takers, 81 insurers, and five financial market infrastructures, supporting the Reserve Bank’s role in maintaining financial stability.
Tags: Budget 2026 prudential levy Reserve Bank Nicola Willis Financial Markets Authority Commerce Commission New Zealand banks insurers financial market infrastructure financial regulationNew Zealand Passes Major AML Reform Bills to Cut Red Tape and Boost Business
1 month ago | 415 viewsAssociate Justice Minister Nicole McKee has welcomed the passage of two major Anti–Money Laundering reform Bills that cut red tape, reduce compliance burdens, and improve risk-based requirements for businesses, with some changes effective immediately and others by July 1, 2026. The reforms establish a single AML supervisor to replace three existing ones, enhancing clarity, consistency, and responsiveness, while introducing an industry levy and enabling more flexible rule-making. These changes aim to make AML compliance more efficient, reduce unnecessary paperwork for low-risk entities, and strengthen New Zealand’s ability to detect and disrupt serious financial crime without hindering access to global markets.
Tags: Nicole McKee AML reform Parliament New Zealand Department of Internal Affairs AML supervisor Business Committee Financial Markets Authority Reserve Bank of New ZealandFMA Chair Craig Stobo Resigns After Independent Review into Conduct
2 months ago | 495 viewsCommerce and Consumer Affairs Minister Cameron Brewer has accepted the resignation of Financial Markets Authority (FMA) Chair Craig Stobo following an independent review that found no evidence of inappropriate relationships but noted lapses in political neutrality and delayed governance disclosures. The review emphasized the importance of maintaining confidence in the FMA’s independence and integrity as it continues its regulatory role in New Zealand’s financial markets. Steven Bardy will serve as Acting Chair while a permanent replacement is sought, with the government reaffirming its commitment to a strong and independent financial markets regulator.
Tags: Cameron Brewer Craig Stobo Wendy Aldred Steven Bardy Financial Markets Authority FMA New Zealand Commerce and Consumer Affairs financial markets regulator independent reviewGovernment Accepts Banking Competition Recommendations for Increased Innovation and Consumer Benefits
7 months ago | 710 viewsThe Government has accepted or partially accepted all recommendations from the Finance and Expenditure Committee's inquiry into banking competition, focusing on business, rural banking, and lending to Māori entities. The findings highlighted concerns about high banking profitability, market concentration, barriers to entry, and regulatory settings, aligning with the Commerce Commission's report. Actions include allowing Kiwibank's parent company to raise capital, emphasizing banking competition in policies, encouraging standardization of financial information, disclosing account profitability, expanding regulatory sandbox trials, developing a licensing model for innovation, and coordinating monitoring through the Treasury.
Tags: Government Finance and Expenditure Committee Nicola Willis Commerce Commission Kiwibank Reserve Bank Scott Simpson Financial Markets Authority Treasury Māori.