AML/CFT compliance in NZ: who must report and to whom

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 applies to reporting entities — banks, casinos, lawyers, conveyancers, real estate agents, accountants and more. Each sector has a supervisor (FMA, RBNZ, DIA, etc.).

You need a risk assessment, customer due diligence, ongoing monitoring and annual reporting. Politically exposed persons and high-value cash transactions trigger enhanced checks.

Failure is expensive: DIA and FMA have published enforcement actions including fines and public censure. Train staff before you open client files, not after an audit.

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