On 1 July, the Department of Internal Affairs (DIA) became New Zealand’s sole AML/CFT supervisor. At the same time, it released 23 new and updated guidance documents covering areas such as risk assessments, customer due diligence, AML/CFT programmes, audits and wire transfers.
The move to a single supervisor is intended to provide greater consistency, clearer expectations and a more streamlined experience for reporting entities. The release of one of the largest suites of AML/CFT guidance in recent years is an important first step in supporting that approach.
What does this mean for your business?
For reporting entities, a single-supervisor model should make it easier to understand what is expected and apply AML/CFT requirements more consistently.
The updated guidance is designed to help both new and existing reporting entities understand their obligations and put them into practice with greater confidence.
This is a good opportunity to review the guidance relevant to your business and check whether your AML/CFT programme, policies and procedures still reflect the DIA’s current expectations.
Where to start
You do not need to read all 23 guidance documents in one sitting. Start with the guidance covering your core AML/CFT obligations, for example your AML/CFT programme, customer due diligence and risk assessment.
Then review any additional guidance that applies to your business, such as beneficial ownership, acting on behalf of customers, outsourcing customer due diligence, reliance on another reporting entity or designated business groups.
You can access the full list of guidance documents, with links to each resource, through the DIA’s announcement here.
Making sense of the guidance
We are currently updating our AML/CFT CPD modules to reflect the new guidance. The modules will break down the key updates, explain what they mean in practice and help you understand whether your business needs to take any action.
The updated modules are expected to be available in August 2026.
If you have any questions in the meantime, please get in touch.