NZ Banks Gain Freedom to Share Fraud Data, Cutting Red Tape and Boosting Security

Associate Justice Minister Nicole McKee has introduced a ministerial exemption to the AML/CFT Act 2009, allowing banks to share anti-money laundering information to better prevent fraud and scams. This reduction in red tape enables banks to act faster and collaborate more effectively to freeze scam transfers before funds are lost overseas. The government aims to create more agile regulatory settings by freeing businesses from excessive compliance burdens while targeting actual financial criminals through wider AML/CFT reforms.