The Government has released a new AML/CFT National Strategy and Work Programme covering the period to 2030. These documents do not create immediate new obligations for reporting entities, but they do give a clearer picture of where the regime is heading and what businesses should be watching.
The main message is that the AML/CFT system is expected to become more risk-based and more targeted. In the Government’s words, the aim is to “cut unnecessary red tape for low-risk customers and transactions, while sharpening enforcement where it matters most.”
For reporting entities, that matters because it signals the direction of travel. Key themes include further regulatory reform, continued movement toward a more proportionate approach, and the shift to a single supervisor under the DIA. The Government has also said the change is intended to give businesses more clarity, consistency, and better guidance.
One of the clearest messages is that businesses may, over time, be given more scope to apply AML/CFT requirements more proportionately to risk. That is likely to be welcome news for reporting entities that have found some parts of the regime overly cautious, difficult to apply, or too focused on process over outcomes.
At the same time, this should not be read as a softer regime. The announcement makes it clear that the intention is also to strengthen the system’s ability to detect, deter, and disrupt serious crime, while sharpening supervision and enforcement where risk is higher.
For reporting entities, the practical takeaway at this stage is not that everything needs to change immediately. It is that the Strategy and Work Programme provide a useful indication of the Government’s priorities and the likely shape of future reform.
In particular, businesses should keep an eye on:
- The single-supervisor transition.
- Customer due diligence reform.
- Future guidance from the Department of Internal Affairs.
- Targeted financial sanctions developments.
- Any further changes affecting audits, supervision, or enforcement.
For now, the key value in these documents is that they give reporting entities better visibility of the Government’s priorities and the likely shape of future change.
We’ll continue to keep you informed as more detail emerges on what matters, what it means in practice, and any actions reporting entities may need to take.
Useful links
AML/CFT National Strategy 2026–2030
Government announcement
Work Programme 2026–2030