New Zealand Simplifies AML Rules to Ease Financial Transactions and Cut Red Tape

New Zealand's Parliament has passed the first of several Anti-Money Laundering (AML) regulatory reforms aimed at simplifying financial transactions by reducing red tape. The Statutes Amendment Bill introduces key changes, including eliminating the need to verify a customer's address for standard due diligence, easing processes like opening basic bank accounts. Associate Justice Minister Nicole McKee emphasizes that these reforms will create a more risk-based, efficient AML system that reduces unnecessary paperwork while better targeting real crime.