No images? Click here
24 February 2026
Kia ora,
Welcome to the first edition of In the Know for 2026, and a particular welcome to those subscribing for the first time. This edition provides key updates as we begin an important year of change and implementation.
In this issue, we cover:
The February FATF plenary update
Progress toward the transition to a single AML/CFT supervisor
The release of the AML/CFT National Strategy
Findings from our recent DNFBP thematic review
An update on the IVCOP consultation; and
An upcoming webinar for the VASP sector
As we move toward 1 July, our focus remains on
ensuring a clear and coordinated transition to a single AML/CFT supervisor. We continue to work closely with the Reserve Bank of New Zealand and the Financial Markets Authority and will share further information as it becomes available.
Ngā mihi,
Serge Sablyak
Director AML/CFT
Copyright © FATF/OECD. All rights reserved.
FATF February plenary update
The Financial Action Task Force (FATF) has updated its list of jurisdictions under increased monitoring – commonly referred to as the “grey list” – following its first plenary for the year.
While no countries have been removed, Papua New Guinea and Kuwait have been added to the list. Reporting entities should stay informed to ensure risk assessments remain current and aligned.
Read the full update on our website.
Move to single AML/CFT supervisor
Preparation is well underway for the Department of Internal Affairs (DIA) to become the single AML/CFT supervisor later this year, on 1 July.
One of the actions we’re encouraging is subscribing to this newsletter. If you are new here, welcome! This is the best place to stay informed on AML/CFT and what it means for all regulated entities.
This month DIA is:
sharing a Single Supervisor Transition (SST) information sheet with reporting entities explaining what’s changing, what’s staying the same and what reporting entities can do ahead of the transition
running a short survey with reporting entities to understand areas of interest and engagement preferences about the move to a single AML/CFT regulator
continuing our regular industry reference group meetings
continuing to support the Ministry of Justice with its legislative programme.
National Strategy and AML/CFT Work Programme
The Government has launched the new AML/CFT National Strategy 2026-2030. The Strategy comes into effect on 1 July this year.
It is designed to protect communities, strengthen law enforcement, and make compliance simpler and more targeted for businesses.
Message to reporting entities currently supervised by RBNZ and FMA
You’re in good hands. DIA is an experienced, internationally recognised supervisor, working closely with the Reserve Bank of New Zealand and the Financial Markets Authority to ensure a smooth transition. Strong collaboration across supervisors is key to making this change work for everyone.
If you haven’t already, now is a great time to start exploring AML Online. This is DIA’s secure platform for businesses to engage with a range of AML/CFT activities, including submitting AML/CFT annual reports, managing details, delegating access, sending documents and getting in touch with us.
Looking ahead
Reporting entities currently supervised by RBNZ and FMA will be able to register for AML Online from June 2026 onwards and we will share more information on this in the coming months.
In the meantime, please keep an eye on your inbox. DIA, RBNZ, FMA and your professional bodies will continue to share important updates as they’re needed.
Monitoring high-risk customers
The Department has recently completed a review of 30 Designated Non-Financial Businesses or Professions' (DNFBPs’) compliance with various requirements of the AML/CFT Act.
Most of the DNFBPs sampled are not adequately implementing a process to monitor, examine and keep written findings for high-risk customers, activities or transactions. This is despite having a risk assessment and AML/CFT programme in place.
Monitoring and identifying circumstances when the risks are higher is a key requirement of the AML/CFT Act. It is central to a risk-based approach and enables enhanced customer due diligence to be applied when necessary. This also enables suspicious activity to be properly identified and reported to the New Zealand Police Financial Intelligence Unit (FIU).
Note that during 2026, a focus of the Department’s reviews and inspections of DNFBPs will be on these requirements.
For further information in relation to these requirements, refer to paragraphs [115], [116], and the subsequent Supervisors' View box of the AML/CFT Programme Guideline. Also note that one way to ensure you are meeting these requirements is to maintain a register of high-risk customers, activities or transactions that you have identified. This register should record the reason for examination, the findings of that examination, the action taken (for example conducting enhanced customer due diligence) and the outcome.
Identity Verification Code of Practice – Consultation Update
Consultation on the proposed update to the Identity Verification Code of Practice has now closed. Thank you to everyone who took the time to submit feedback. Your insights are appreciated and will help shape the future direction of the Code of Practice.
Next steps
We are now reviewing all submissions and using this feedback to inform the recommendations provided to the Minister of Internal Affairs. We will also be carrying out targeted testing to ensure any proposed updates are clear, practical, and can be implemented effectively.
If you have any questions or would like more information, please get in touch at amlcft@dia.govt.nz.
Upcoming VASP webinar
Our team is developing an AML/CFT webinar for the Virtual Asset Service Provider (VASP) sector in late March.
We'll be sending invitations with more information to our registered entities soon, but have a limited number of spaces available for other interested parties in the VASP sector.
Get in touch with us by email at aml_engagement@dia.govt.nz by Friday 6 March to register your interest.
