AML & CFT

Every New Zealand business has obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML-CFT Act)—but do you fully understand yours? Non-compliance can lead to significant penalties, reputational damage, and regulatory enforcement.

At McVeagh Fleming, we provide specialist legal advice to help businesses meet their obligations, mitigate risk, and stay compliant in an evolving regulatory landscape.

The AML-CFT Act is designed to prevent criminals and terrorists from laundering money through New Zealand’s financial system. To comply, businesses must:

• Conduct thorough customer due diligence (CDD) and verify client identities
• Implement risk assessments and compliance programmes
• Monitor transactions for suspicious activity
• File suspicious activity and prescribed transaction reports
• Undergo regular audits and regulatory reporting

Recently, the Financial Markets Authority (FMA) has intensified enforcement actions, with less tolerance for businesses failing to meet compliance standards. Other key regulators include the Reserve Bank of New Zealand (RBNZ) and the Department of Internal Affairs (DIA).
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The AML-CFT Act is designed to prevent criminals and terrorists from laundering money through New Zealand’s financial system. To comply, businesses must:

• Financial service providers and reporting entities
• Lawyers, conveyancers, and accountants
• Real estate agents and high-value dealers
• Virtual asset service providers (e.g., cryptocurrency exchanges)
• Casinos and other regulated industries

Recently, the Financial Markets Authority (FMA) has intensified enforcement actions, with less tolerance for businesses failing to meet compliance standards. Other key regulators include the Reserve Bank of New Zealand (RBNZ) and the Department of Internal Affairs (DIA).

Protect your business from regulatory risk—talk to McVeagh Fleming today for expert AML-CFT advice.