5 June 2026

Kia ora,

Welcome to the June edition of In the Know.

I'd like to begin by acknowledging Serge Sablyak, who recently departed DIA. Serge made a significant contribution to strengthening engagement across New Zealand’s AML/CFT system, and we thank him for his service. I wish him all the best as I step into the role of Acting Director during this transition.

This edition highlights several key updates as we approach 1 July 2026:

• Legislation has now passed into law, supporting the transition to a single AML/CFT supervisor.
• Our webinar series on the new Regulator Strategy and Operating Model is underway, helping reporting entities understand what’s changing and what to expect from us.
• The refreshed Identity Verification Code of Practice (IVCOP) and updated guidance have been published on our website and will come into force on 1 July 2026.
• A recent prosecution outcome serves as a timely reminder of the importance of maintaining effective and up-to-date AML/CFT systems and controls.

Annual reporting opens on 1 July 2026, and we know this is a busy time for reporting entities. We’re keen to ensure you are supported through the reporting requirements and will be in touch in the coming weeks with more information.

Thank you for your continued engagement and the role you play in strengthening New Zealand’s AML/CFT regime. I look forward to working with you in the months ahead.


Ngā mihi,
Laura Olsen
Acting Director AML/CFT

Join us: Regulator Strategy 2026-2030 and Operating Model webinars

We are hosting a series of webinars to walk through our new Regulator Strategy and Operating Model and what it means in practice for the next 5 years.

These sessions outline how we intend to work with industry and law enforcement as a proportionate, risk-based, and intelligence-led AML/CFT regulator.

The core content is similar across each session.  There are still webinar sessions available ending on 9 June. If you haven’t registered already, you can do this using the registration button below.

Progress toward a single AML/CFT supervisor

Supervisor and Levy Bill update

The AML/CFT (Supervisor, Levy, and Other Matters) Amendment Bill has now passed into law, enabling DIA to become New Zealand’s single AML/CFT supervisor from 1 July 2026.

DIA is working closely with the FMA and RBNZ to support a coordinated and seamless transition, with a focus on minimising disruption for reporting entities. A single supervisor model will support clearer guidance, more consistent regulation, and reduced complexity in lower-risk areas.

Amendment Bill update

The AML/CFT Amendment Bill has now passed into law, introducing targeted changes to clarify obligations and improve the effectiveness of New Zealand’s AML/CFT system. This includes reducing compliance burden in lower-risk circumstances, such as changes to trust verification requirements.

Updated AML/CFT Programme and Enhanced Customer Due Diligence (ECDD) Guidance has been published on the DIA website. We will also communicate directly with reporting entities to outline what these changes mean in practice.

Together, these reforms support a more effective, risk-based and proportionate AML/CFT system that strengthens New Zealand’s ability to prevent money laundering and terrorism financing.

Revised IVCOP reduces regulatory burden

A refreshed Identity Verification Code of Practice (IVCOP) is set to come into force on July 1, marking another significant milestone for AML/CFT system wide reform.

Last updated in 2013, the new code gives best practice guidance for reporting entities when conducting name and date of birth verification.

Announcing the news on 4 June 2026, Minister of Internal Affairs, Brooke van Velden and Associate Justice Minister Nicole McKee said the changes are an early example of the improvements being made to the AML/CFT regime – with clearer guidance, more consistency, and more practical help for businesses, like supporting modern digital methods of verifying identity.

Reminder to keep AML/CFT systems and controls up to date

A recent Court outcome involving Hamilton law firm Foster & Milroy is a timely reminder for reporting entities to ensure their AML/CFT systems, controls, and records remain current and effective.

The firm was fined $60,000 after pleading guilty to multiple breaches of the AML/CFT Act, including failures to maintain a compliant risk assessment, AML/CFT programme, and proper records, as well as obstructing DIA investigators in the exercise of their powers.

The case highlights the importance of:

• regularly reviewing and updating AML/CFT systems and processes
•  maintaining accurate records and effective oversight
•  engaging openly and constructively with supervisors

Criminals actively target businesses with weak or outdated controls, making strong AML/CFT practices a critical part of protecting both businesses and the wider financial system.

For more information and guidance on meeting AML/CFT obligations, visit our website. 

Annual reporting reminder

Annual reporting for 1 July 2025 - 30 June 2026 opens on 1 July 2026. Now is a good time to start preparing.

When filing your annual report, Compliance Officers and/or Delegates now only require a RealMe login with two-factor authentication to access AML Online.

If your Compliance Officer details or any reporting entity information has changed, please contact us at amlcft@dia.govt.nz to ensure your records are up to date.

For more information, visit our website below.