From mid-2027, this fragmented model will be consolidated under the Department of Internal Affairs
Every reporting entity—financial or non-financial—will report directly to the DIA, submit its annual report through the DIA portal, and follow one unified compliance framework.
The Department of Internal Affairs has issued a formal warning to NZForex Limited for failing to meet its obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
From 1 June 2025, online marketplaces are partially exempt from most requirements of the AML/CFT Act. The partial exemption applies in relation to customers whose transactions do not exceed NZD $10,000
People often ask: I get a call from ANZ to obtain the source of funds/wealth information because I recently deposited a lump sum of cash in the Highland Park ATM. What happens if I do not provide the information?
Any accounting practice, either existing or established after the introduction of the AML/CFT Act, that conducts captured activities, will be a reporting entity and will have to comply with the Act. You will not be excused from compliance on the basis that to comply would breach any contract or agreement.29
A Waikato methamphetamine dealer used an accountant to launder drug proceeds through farm land purchases. The accountant operated 12 bank accounts across different branches, depositing cash with fabricated explanations about bar takings and market stalls. Over ten years, NZ$4.8 million was laundered and converted into NZ$5 million worth of farmland. The dealer received 12 years imprisonment while the accountant testified in exchange for immunity.