Updates and guidance to support your AML/CFT compliance
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May issue
Kia ora
This edition of In The Know includes key updates to help you stay across your AML/CFT obligations.
Following the expiry of a previous exemption, we've released new guidance for online marketplaces – alongside updated guidance on audits and customer risk-rating – to support reporting entities in meeting evolving obligations. These updates come as we continue to see positive signs of engagement across the sector, including strong goAML registration activity and encouraging levels of compliance identified through recent supervisory work.
We encourage you to take a moment to read through the updates and ensure your teams are across what’s new. As always, our goal is to support you in meeting your obligations and protecting the integrity of New Zealand’s financial system.
Ngā mihi nui,
Serge Sablyak
Director AML/CFT
❗Formal warning issued
We’ve issued a formal warning to NZForex Limited following a supervisory review that identified areas of non-compliance with obligations under the AML/CFT Act.
Read the full media release on our website below:
📑New Guidance Available
We’ve released several new guidance documents to help reporting entities meet their obligations under the AML/CFT Act:
Stored Value Instruments (SVIs)
For entities that issue, manage, or facilitate the use of SVIs, this guidance outlines how AML/CFT obligations apply to these products and provides clarity of risk indicators and compliance expectations.
Audit Guideline
Updated to reflect current expectations and best practices for AML/CFT audits.
Customer Risk-Rating Guidance
From 1 June 2025, new regulations apply. If you are responsible for onboarding customers or conducting occasional transactions, this guidance outlines how to assess and apply customer risk ratings as part of your CDD obligations.
🛒New Guidance for Online Marketplaces
We’ve published new guidance to support financial institutions that operate as providers of online marketplaces to comply with the requirements of the AML/CFT Act.
The guidance outlines:
How to determine whether your business is captured under the Act,
What AML/CFT obligations may apply, and
The money laundering and terrorism financing risks associated with online marketplaces.
📆This regulatory update takes effect from 1 June 2025.
🔍Strengthening Supervision ahead of our next Mutual Evaluation
As part of our preparation for New Zealand’s next mutual evaluation from 2028, we’ve completed a thematic review of money remitters operating with agents or sub-agents – an area previously flagged by FATF for technical deficiencies.
This review focused on compliance with Regulation 15G of the AML/CFT (Requirements and Compliance) Regulations 2011, which came into effect in June 2024. The regulation requires money remitters to include effective policies, procedures, and controls in their AML/CFT programmes for obligations carried out by their agents or sub-agents.
Overall, we were pleased to see high levels of technical compliance across most participants. This work reflects our continued focus on high-risk sectors and our commitment to strengthening New Zealand’s AML/CFT system.
📈Strong Uptake in goAML Registrations
Since 30 April, 435 new entities have registered with goAML — a strong sign of the sector’s commitment to reporting obligations and contributing to a more robust AML/CFT framework.
Thank you to all those who have taken action - it's a positive step forward in strengthening suspicious activity reporting across the system.
✅Already registered?
Take a moment to check that your contact details and user roles are up to date — especially if there have been staff changes.
📝Still need to register?
goAML is the system used to submit Suspicious Activity Reports (SARs) and Prescribed Transaction Reports (PTRs). If you haven't registered yet, you can still do so by visiting the link below:
