Proposal to change anti-money-laundering rules
The Bill would give businesses more compliance flexibility while adding sanctions duties and stronger tools against organised crime.
Anti-Money Laundering and Countering Financing of Terrorism (Omnibus) Amendment Bill
What's changing
- Reporting entities would have more choice in how they carry out customer checks.
- Reporting entities would have more discretion over information collected for their business risks.
- A legal framework would supervise compliance with United Nations targeted financial sanctions.
- Reporting entities would have to assess and reduce relevant sanctions risks.
- AML/CFT supervisors and Police’s Financial Intelligence Unit would have expanded roles.
Who's affected
The changes would mainly affect businesses that must report under New Zealand’s anti-money-laundering rules, their supervisors, and the Financial Intelligence Unit.
When
This is a proposal just introduced to Parliament and is still going through the law-making process; no start date is specified.
Background
The government says the Bill would reduce regulatory burdens, align New Zealand’s system with international standards, and improve tools for tackling organised crime.