The government is set to introduce a significant overhaul of its Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) system, aiming to improve efficiency and reduce regulatory burdens on businesses, according to Associate Justice Minister Nicole McKee.
A key reform includes replacing the current three-supervisor model, which involves the Reserve Bank, Financial Markets Authority, and Department of Internal Affairs, with a single-supervisor system. The Department of Internal Affairs will take on this role, overseeing AML/CFT compliance across all sectors.
The changes, approved by Cabinet, will also introduce a new funding model for the system. This includes an industry levy designed to ensure costs are equitably distributed and won’t place undue strain on small businesses.
“These reforms will allow the system to be more responsive to industry and community needs, more agile, and more focused on the real risks posed by money laundering to New Zealand businesses,” McKee said. She said that the new approach would improve the efficiency of the system, making it more risk-based and providing timely guidance and support to businesses.
The reforms follow a review of New Zealand’s regulatory regime after an evaluation by the Financial Action Task Force. The new model aims to meet international standards and align with the financial sectors of key trading partners, supporting trade and economic growth.
Additionally, an AML/CFT National Strategy and work programme will be developed in partnership with the industry to ensure the system addresses sector priorities. This initiative will guide future amendments to the industry levy and further streamline supervision and regulation, said McKee.
All this “anti – money” laundering bullsh*t has done is make we the people life more difficult when opening bank accounts or investing, or doing anything else with OUR fiat currency, as though that is the real purpose.
The first thing this woke corporate state government should do is remove this ridiculous Maori name Te Tari Tawhenua Internal affairs. In fact, that should have already been done in its first 100 days.