Regulatory Alerts2022-02-27
AML/CFT Guidance and Resources for New Zealand Reporting Entities
The Department of Internal Affairs, the Financial Markets Authority, and the Reserve Bank of New Zealand provide codes of practice and guidelines to help banks, life insurers, and non-bank deposit takers comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. These resources include updated identity verification codes, beneficial ownership guidelines, and wire transfer rules effective from June 2024, which offer a safe-harbour defence against non-compliance charges if followed correctly. The document also details sector risk assessments, thematic reviews on correspondent banking, and urgent guidance regarding Russia sanctions and national threat levels.
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