With the single supervisor now live, it would be easy to treat 1 July as the finish line for AML/CFT reform. It is not. The transition was one phase of a wider programme, and the next significant piece — the Omnibus Amendment Bill — is still ahead. Reporting entities that understand where it sits and what it is likely to contain will be better placed to plan, rather than reacting when it lands.
Where it sits in the reform programme
New Zealand’s AML/CFT reform has moved in stages. The Supervisor, Levy and Other Matters Amendment Bill — which established the single supervisor and the levy — was passed in May 2026 and took effect on 1 July. The Omnibus Amendment Bill is positioned as the third and final phase, carrying the broader legislative changes that were not part of the earlier, more targeted reforms.
What’s expected in the Bill
While the detailed content has not yet been released, the Bill is expected to implement the remaining recommendations from the 2022 statutory review of the AML/CFT Act and to reflect the international standards set by the Financial Action Task Force.
The stated aim is a system that is more risk-based, more efficient, and more effective — in other words, obligations that are better targeted at genuine risk rather than simply more numerous. For reporting entities, that is a signal to keep your risk assessment central to how you think about compliance.
Timing and what to do now
At the time of writing, the Omnibus Amendment Bill has not yet been introduced, but it is expected later this year.
Rather than waiting for the detail of the Bill, reporting entities can use the time now to strengthen their AML/CFT capability, so they are better placed to respond when the changes arrive. A current, well-documented AML/CFT programme, a risk assessment that is reviewed regularly, and people who understand their obligations will always put your business in a stronger position, regardless of the final shape of the legislation.
That capability often starts with the person responsible for your AML/CFT programme. Strategi’s AML/CFT Compliance Officer Micro-Credential (Level 4) provides practical, NZQA-recognised training to help compliance officers understand their role, manage day-to-day obligations and support a programme that can adapt as the regime changes.
We will continue to break down the Omnibus Amendment Bill as more detail becomes available, so you can plan with confidence rather than react under pressure.