March issue

Kia ora

Welcome to the first In The Know newsletter of 2025. In this edition, we cover key updates, including the publication of the National Risk Assessment (NRA) 2024.

In addition, we provide an update on the upcoming transition to a single AML/CFT supervisor, insights from the recent FATF plenary, and highlight our continued international efforts, including the Department’s recent engagement in Cambodia to share our expertise on regulating high-risk sectors.

We look forward to working with you this year to continue enhancing our AML/CFT framework and supporting a robust, effective system.

Ngā mihi,
Serge Sablyak
Director AML/CFT

National Risk Assessment 2024 now published

The National Risk Assessment (NRA) 2024, published by the New Zealand Police Financial Intelligence Unit (FIU), is now available. This key document assesses the current and emerging risks of money laundering and terrorism financing in New Zealand, providing vital insights for reporting entities.

Reporting entities should review the findings and update their risk assessments as required.

To view the NRA, click the button below:

Update on the Single Supervisor Transition

As part of ongoing reforms to New Zealand’s AML/CFT system, the Government is transitioning to a single supervisor model, with the Department of Internal Affairs (DIA) becoming the single supervisor. This change is intended to make the AML/CFT system more responsive to industry needs and more agile, while ensuring money laundering and terrorism financing risks are mitigated. 

The Ministry of Justice, DIA, the Reserve Bank of New Zealand, and the Financial Markets Authority are working closely to implement these changes. The exact implementation date is still to be confirmed.

Alongside this, a new funding model is to be introduced, including a proposed levy. The Ministry of Justice is leading the work programme relating to the funding model.  

We will keep you informed as these changes progress and continue to work with relevant stakeholders to ensure the transition helps create a simpler and more effective regulatory system.

FATF Plenary Update

The Financial Action Task Force (FATF) held its first plenary of the year and it is important that you remain up to date with jurisdictions named on the “black” and “grey” lists.

For key updates, see the link below:

Supporting Global Efforts: Engagement in Cambodia

In mid- February, Charlotte van Leeuwarden (Practice Leader, AML/CFT) and Natalie Stagg (Principal Advisor, Operational Policy) travelled to Cambodia to support a workshop coordinated by the World Bank for the Cambodian Financial Intelligence Unit (CAFIU). The focus of the workshop was on the risk-based supervision of Designated Non-Financial Businesses and Professions (DNFBPs), with particular focus on the casino, legal and real estate sectors. 

Charlotte and Natalie led and contributed to a series of presentations, interactive exercises, case studies and group discussions, and delivered over 5 intensive days to 25 participants from CAFIU. The sessions aimed to create a collaborative learning environment, canvassing topics such as sector risks and supervisory practice.

As part of its commitment to the global AML/CFT regime, New Zealand provides technical assistance to other countries, particularly in the Asia-Pacific region. This support includes capacity-building initiatives, regulatory guidance and expertise sharing in accordance with FATF standards. Such initiatives support jurisdictions in developing effective AML/CFT systems and contribute to the broader international effort to combat financial crime.

Are you registered for goAML?

GoAML is a software developed by the United Nations Office on Drugs and Crime for Financial Intelligence Units worldwide to counter terrorist financing and money laundering.

Using this system is the only way to file a Suspicious Activity Report (SAR) to the New Zealand Police. If your business has obligations to submit a SAR, we encourage you to stay ahead of suspicious activity and register, if you haven’t already. 

SARs help law enforcement investigate and stop financial crime by sharing information about unusual transactions linked to money laundering and terrorist financing. 

Even if you believe that an exemption may apply to you under the AML/CFT Act, your business may still have obligations to submit a SAR. If you do not file a SAR, or file one late, there could be substantial penalties for your business. 

The New Zealand Police Financial Intelligence Unit (FIU) has provided useful links and resources to help with the registration process.

Some common indicators or ‘red flags’ of money-laundering or terrorism financing include: