– Advertisement –
New Zealanders will soon face fewer unnecessary barriers to proving who they are under a refreshed anti-money laundering Identity Verification Code of Practice announced today by Internal Affairs Minister Brooke van Velden and Associate Justice Minister Nicole McKee.
Hon. Brooke Van Velden.
Hon. Nicole McKee.The majority of the Code will come into force on 1 July 2026, marking its first update since 2013.
“The AML regime has become too slow, too repetitive, and too frustrating for ordinary New Zealanders and the businesses serving them,” says Mrs McKee.
“This refreshed Code is an early example of our improvements to the AML regime – with clearer guidance, more consistency, and a more practical approach for businesses that have been crying out for reform.
“AML rules should target real financial crime, not low-risk customers. When the risk is low, requirements will be less burdensome.”
“The new Code makes it easier for businesses to check Kiwis are who they say they are in ways that are safe, sensible, and proportionate to risk,” says Ms van Velden.
“In particular, it will make it easier for elderly and disabled New Zealanders to use SuperGold Cards and Total Mobility Cards as secondary ID.
“While following the Code is not mandatory, it provides a safe harbour for businesses that apply it correctly.
“That means fewer barriers for customers, clearer rules for businesses, and a system focused on managing real risks.”
Other changes include:
- adding officers of the Māori Land Court to the list of trusted referees
- endorsing standardised exceptions processes, reducing the need for individual risk assessments in common circumstances such as customers in rest homes or living overseas
- allowing more flexibility for reliable overseas government sources of identity verification.
“These practical changes to make New Zealanders’ lives easier are what we can expect to see more of as the new AML system comes into force,” says Mrs McKee.
“A final Omnibus Bill, which will provide further regulatory relief for businesses, is expected to be introduced to the House in the current term of Government.
“For years, AML compliance has meant higher costs, slower transactions, and endless frustration. This Government’s changes deliver the most meaningful reduction in AML red tape since the regime was introduced.”
The Code was developed following public consultation and testing with sector representatives.
The new code can be found on the Department of Internal Affairs website here: AML-CFT Information for Crown entities – dia.govt.nz
– Advertisement –
