New Zealand Updates AML Identity Verification Code to Ease Customer Barriers by 2026

New Zealand's refreshed anti-money laundering Identity Verification Code of Practice, effective from July 2026, aims to reduce unnecessary barriers by providing clearer guidance, greater consistency, and a risk-based approach to identity checks. The update simplifies verification processes, especially for vulnerable groups like the elderly and disabled, and introduces trusted referees and standardized exceptions to ease compliance for businesses. This reform, developed through public consultation, seeks to focus AML efforts on real financial crime while reducing costs, delays, and frustration for ordinary New Zealanders and businesses.