Regulatory Alerts2024-05-16
Statement on new AMLCFT regulations
The Department of Internal Affairs, the Financial Markets Authority, and the Reserve Bank of New Zealand have issued a joint statement welcoming the Amendment Regulations that come into force on 1 June 2024 to align New Zealand with global AML/CFT standards. These regulations introduce updated requirements for cross-border cash transportation, definitions, exemptions, and transaction reporting, supported by previously issued guidelines on beneficial ownership and customer due diligence. The Supervisors intend to adopt an educative and constructive supervisory approach to assist Reporting Entities in complying with the new rules while reserving the right to take enforcement action where necessary.
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