The consultation is part of a review of the Act that began in July 2021, to help strengthen New Zealand’s AML/CFT system and ensure it is still fit for purpose.
The FATF’s Mutual Evaluation Report, released in April, identified 12 areas of AML/CFT risk where New Zealand is only partially compliant. These shortcomings include sensitive issues such as politically exposed persons (PEPs), money or value transfer services (MVTS), internal controls, higher-risk countries, wire transfers, beneficial owners, and Designated Non-Financial Businesses and Professions’ (DNFBPs) due diligence, regulation, and supervision.
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