New Zealand is a country with a low incidence of money laundering, as it is not a large regional financial center. However, Anti-Money Laundering experts state that any economic activity may lead to money laundering. Therefore, individuals and institutions must take the necessary measures against any money laundering and terrorist financing crimes.
Apart from that, most of the money laundering activities in New Zealand are carried out by local gangs from Asia. Drugs and fraudulent activities are among the crimes represented. The New Zealand government has taken severe precautions to prevent money laundering. All financial and non-financial institutions in the country are obliged to comply with Anti-Money Laundering regulations.
Banks, financial markets, investment firms, investment management companies, and lawyers are regulated institutions in New Zealand. Certain authorities regulate financial and non-financial institutions. Local regulatory authorities in New Zealand and the main government officials responsible for investigating and prosecuting criminal offenses related to money laundering are as follows:
The New Zealand government has a key role in anti-money laundering. With the government activities, Comply with money laundering obligations; It has become applicable to lawyers, accountants, and organizations dealing with many high-risk financial activities.
Under the scope of the changes, financial institutions now must perform transactions such as know your customer, customer due diligence, reporting suspicious activities, and more comprehensively and regularly.
Also, New Zealand is an internationally proven country in the fight against money laundering. According to, Article 14 of the United Nations Convention Against Corruption signed in December 2003, States parties must take comprehensive AML measures and implement the standards established by international AML bodies. According to the FATF's most recent mutual assessment report on New Zealand, New Zealand is mainly compliant with 17 of the FATF 40 + 9 Recommendations and Partially Compliant or Not Compliant for 1 of 6 Core Recommendations.
New Zealand does not have a high risk of money laundering and terrorist financing. New Zealand Government's significant steps to fight money laundering and prevent terrorist financing are among the reasons. Decisions made include the requirement for businesses to comply with AML obligations.
In New Zealand, businesses must thoroughly perform Know Your Customer, Customer Due Diligence. Also, each institution must report suspicious activities immediately and regularly. Sanction Scanner is an AML Compliance Software created for the needs of companies. Through Its Solutions' risk-based approach, Institutions in New Zealand can efficiently perform the KYC and CDD process.