New Zealand cuts AML/CFT regulators from three to one.
New Zealand’s anti-money laundering (AML) and countering financing of terrorism (CFT) regime now has one supervisor instead of three. From 1 July 2026, the Department of Internal Affairs (DIA) took over as the sole AML/CFT regulator, replacing a model that had split oversight between the DIA, the Reserve Bank of New Zealand and the Financial Markets Authority depending on a reporting entity’s sector.
For businesses across financial services, real estate, legal and accounting, this changes what guidance now governs their compliance programmes.
A single agency replaces three supervisors
Previously, which regulator a business dealt with depended on its activities. Banks and deposit takers reported to the Reserve Bank, most other financial service providers sat with the Financial Markets Authority, and real estate agents, lawyers, accountants and a range of other sectors fell under the DIA. All three now report to a single regulator.
The change forms part of the Anti-Money Laundering and Countering Financing of Terrorism (Supervisor, Levy and Other Matters) Amendment Act, which gives the DIA new rule making, investigation and enforcement powers, including the ability to require entities to attend meetings, produce documents and issue censures for non-compliance.
To support this shift, the DIA published 23 pieces of guidance on 1 July. The material covers customer due diligence for companies, trusts, partnerships, clubs and cooperatives, updated rules on beneficial ownership and country risk, and new guidance on wire transfers and prescribed transaction reporting. A quick start guide and a general compliance guide are aimed specifically at businesses adjusting to the new single supervisor model.
Reviewing compliance programmes under the new supervisor
Entities previously supervised by the Reserve Bank or the Financial Markets Authority face the most immediate adjustment, since they now need to familiarise themselves with the DIA’s guidance. All reporting entities should revisit their AML/CFT risk assessments and compliance programmes against the newly published guidance to confirm they remain aligned.
Businesses experiencing this transition may find it useful to have their compliance programme and risk assessment reviewed against the DIA’s updated guidance before the next reporting cycle.
Annual reporting reminder
As businesses review their AML/CFT programmes under the new DIA guidance, they should also prepare for the upcoming annual reporting period. The 2025/2026 AML/CFT annual report must be submitted through AML Online between 1 July and 31 August 2026 and covers the period from 1 July 2025 to 30 June 2026.
The report requires businesses to confirm key information about their structure, AML/CFT risk assessment, compliance programme, products and services, customers, channels, supervisor-specific matters and any exemptions.
For advice on how this transition affects your obligations, speak with an Acclime expert.
