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Lawyers and AML/CFT

Lawyers are at risk of being exploited by criminals to launder money. They’re among several professions whose members may be affected by changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. To help lawyers understand the risks they face and build their compliance programmes, helpful guidance is available on the Department of Internal Affairs website. See the Codes of practice and guidance and the sector risk assessment. On this page: Do I have to com...
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Accountants and AML/CFT

Accountants are at risk of being exploited by criminals to launder money. They’re among several professions whose members may be affected by changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. To help accountants understand the risks they face and build their compliance programmes, helpful guidance is available on the Department of Internal Affairs website. See the Codes of practice and guidance and the sector risk assessment (SRA) on its w...
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Conveyancers and AML/CFT

Conveyancers are at risk of being exploited by criminals to launder money. They’re among several professions whose members are affected by changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. To help conveyancers understand the risks they face and build their compliance programmes, helpful guidance is available on the Department of Internal Affairs website. See the Codes of practice and guidance and the sector risk assessment. On this page: Do I have...
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Development of the AML/CFT Amendment Act 2017

The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Bill was passed in August 2017, establishing "Phase 2" of New Zealand's AML/CFT laws. Read the AML/CFT Amendment Act 2017 Information about the Bill’s progress through Parliament Development of the Phase 2 laws involved 2 rounds of public consultation. Phase 2 AML/CFT exposure draft amendment Bill Tackling money laundering and terrorist financing Independent studies, including cost/benefit analysis, were also c...
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Phase 1 of the AML/CFT Act

Phase 1 of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act has been in force since 2013. It applies to banks, casinos and a range of financial service providers. See how recent changes to the AML/CFT Act affect "Phase 1" businesses Three government agencies are responsible for supervising the various businesses and industries the Act applies to: the Reserve Bank, supervises banks, life insurers and non-bank deposit takers the Financial Markets Authority, supervises...
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AML/CFT ministerial exemptions

The Minister of Justice can decide to grant an exemption from coverage by the AML/CFT Act under certain circumstances. For example, if a business faces low money laundering risks it may not be required to meet some or all of the usual requirements. A business that believes it may be exempt will need to make an application for an exemption. Exemptions can be given to specific businesses or types of businesses, and for specific activities and types of activities. Before applying, you should check...
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Costs and benefits of AML/CFT laws

...and professions will have to put measures in place to help tackle money laundering. There will be compliance costs but also widespread benefits for the New Zealand economy and society. The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Act has extended AML/CFT laws to more businesses including real estate agents and conveyancers; many lawyers and accountants; some high value dealers; and betting on sports and racing. In essence, businesses and professionals cove...
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Changes to AML/CFT Act regulations

The Government has introduced changes to regulations in the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act), following a Ministry of Justice-led review held between July 2021 and 30 June 2022. Background The review was tabled in Parliament on 7 November 2022 and you can find it here: Read the final report of the statutory review The review focused on how the AML/CFT Act has performed since 2017 as well as whether any changes were necessary or desirable. The review a...
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Exposure draft AML/CFT amendment bill [pdf, 270 KB]

Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill Government Bill Explanatory note General policy statement Departmental disclosure statement The [name of department] is required to prepare a disclosure statement to assist with the scrutiny of this Bill. The disclosure statement provides access to information about the policy development of the Bill and identifies any significant or unusual legislative features of the Bill. A copy of the statement can be found at [P...
RIA: AML/CFT Expiring Regulations [pdf, 422 KB]

Impact Statement Template | 1 Coversheet: AML/CFT Expiring Regulations Advising agencies Ministry of Justice Decision sought This analysis has been prepared to inform Cabinet decisions regarding new Anti-money Laundering and Countering Financing of Terrorism (AML/CFT) regulations and substantial policy changes to the existing AML/CFT regulations Proposing Ministers Minister of Justice Summary: Problem and Proposed Approach Problem Definition What problem or op...

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