New AML code delivers practical changes for New Zealanders

What's at stake

Who feels it

Elderly and disabled New Zealanders; businesses subject to AML/CFT compliance (banks, money transmitters, casinos, real estate agents, lawyers, accountants, DNFBP sector); customers of financial institutions and regulated entities.

Money in play

Not specified in release; AML compliance cost reductions expected but not quantified.

Timing

01 July 2026 (majority of Code into force); Omnibus Bill expected current term of Government (by 2026/early 2027).

How it works

Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act); refreshed Identity Verification Code of Practice (non-mandatory safe harbour); forthcoming Omnibus Bill for further regulatory relief.

Key context

Audit current identity verification processes against the new Code — it becomes operative 1 July 2026 and provides safe harbour if applied correctly.Update secondary ID acceptance protocols: SuperGold Cards and Total Mobility Cards now easier pathways for elderly/disabled customers.Brief compliance teams: low-risk customers now attract proportionate (lighter) requirements; expect Māori Land Court officers added to trusted referees list.Monitor the forthcoming Omnibus Bill (expected this term) for Phase 2 regulatory relief and further AML/CFT streamlining.Review overseas identity verification procedures: new flexibility for reliable overseas government sources now permitted.

Wider effects

Regulatory relief and proportionality principles; Te Tiriti alignment (Māori Land Court officer inclusion); compliance cost reduction agenda; broader AML/CFT system overhaul (Omnibus Bill phase 2).