Anti-money laundering reforms in AU and NZ

Anti-money laundering legislation in New Zealand

The New Zealand Government has legislated to improve its ability to tackle money laundering and terrorism financing.

The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Act 2017 received royal assent on 10 August 2017. It put in place Phase 2 of New Zealand's AML/CFT laws, extending its coverage to include real estate agents, conveyancers, lawyers, accountants, and some businesses that deal in expensive goods.

From 1 October 2018, accountants who provide certain types of business services must comply with the AML/CFT Act.

You may wish to add the below statement to your email signature:

From 1 October 2018, all New Zealand accounting practices become subject to New Zealand's Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Where we are required to conduct customer due diligence, this Act does not allow us to act, or continue to act, for our clients unless we have conducted that due diligence. Please see the Ministry of Justice website for more information.

The below documents may assist you in complying with the legislation in New Zealand.

DIA primary resources

• NZ Department of Internal Affairs accountants guideline

Ministry of Justice resources

• Do I have to comply with the AML/CFT Act?
• What do I have to do to comply with the AML/CFT Act?

Anti-money laundering legislation in Australia

The Australian Government's Joint Committee on Law Enforcement handed down its report on financial-related crime on 7 October 2015, recommending the expansion of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to cover second-tier professions, such as accountants, lawyers and real estate agents.

After two consultation rounds, the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 was introduced into Parliament in September 2024. The Bill proposes to extend the existing the regime to services provided by professional service providers including accountants and lawyers. For most CPA Australia members brought into the regime, the extended regime will take effect from 31 March 2026. CPA Australia will participate in consultations and industry forums hosted by AUSTRAC in the development of AML-CTF Rules and guidance.

What is AML/CTF?

The Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) Act 2006 (AML/CTF Act) reforms and expands how the Australian Government monitors financial transactions for the purpose of deterring, preventing and detecting money laundering and terrorism financing.

The AML/CTF Act applies to:

• the financial sector (including financial planners who make arrangements on behalf of their clients to invest in a financial product)
• the gambling sector
• bullion dealing
• professional service providers (from 31 March 2026)

The key obligations which took effect under the AML/CTF Act are:

• ongoing customer due diligence requirements
• suspicious matter reporting
• threshold transaction reporting
• international funds transfer instruction reporting.

Identification of clients

Reporting entities can determine what information they need to collect and the methods they should use for collection and verification in accordance with the AML/CTF Act.

Record keeping obligations

A reporting entity must retain a record of all paper-based documentation and electronic data used to verify the identity of a customer. A reporting entity is not required to make a copy of these documents. However, they must record the procedure and certain information obtained from the documents. These records may be kept physically or electronically. 

More information about money laundering legislation in Australia

• AUSTRAC