New AML/CFT regulations effective July 31 – Strategi Guidance Note
New AML/CFT regulations effective July 31 – Strategi Guidance Note
25 JUL 2023
The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) places obligations on New Zealand’s financial institutions, casinos, virtual assets service providers, accountants, lawyers, conveyancers and high value dealers to detect and deter money laundering and terrorism financing.
Between July 2021 and June 2022, the Ministry of Justice (MoJ) led a review that looked at how the AML/CFT Act has performed since 2017 as well as whether any changes were necessary or desirable. Following this review the Government has now introduced changes to regulations in the Act that will come into force in three stages from July 2023 to 1 June 2025.
| Stage 1: 31 July 2023 | These changes will provide regulatory relief to some businesses and clarify existing obligations. |
| Stage 2: 1 June 2024 | Introduces new obligations for existing reporting entities. |
| Stage 3: 1 June 2025 | Extends coverage of the regime introducing obligations on sectors that were not previously subject to AML/CFT obligations. |
Strategi has a new Guidance Note available free of charge to all reporting entities. The Guidance Note ‘Changes to AML/CFT Act regulations – July 2023’ focuses on key changes that come into effect on 31 July 2023 and includes what you need to do and recommendations. We will release further guidance in advance of the next two stages as we learn more about what is changing and the impact this will have on reporting entities.
If you have any questions or need help implementing these changes into your business give our experienced team a call.