New Zealand to boost financial surveillance

New Zealand to boost financial surveillance

The Financial Intelligence Unit (FIU) will also be granted new powers to demand ongoing information from banks and other reporting entities regarding individuals flagged for suspicious activity.

Two AML reform bills are already in parliament, expected to pass before year’s end. These will “remove some of the most burdensome compliance requirements, delivering practical relief for businesses by the end of the year,” McKee said.

The government said that easing compliance for law-abiding businesses does not mean lowering standards. “This is not about dropping standards, it’s about applying them intelligently,” McKee added.

According to an April report by New Zealand’s Ministerial Advisory Group on Transnational, Serious and Organised Crime, criminals have increasingly relied on crypto ATMs to quickly convert cash into crypto and send it abroad for drug payments or fraud-related transactions.

Coin ATM Radar data shows more than 220 crypto kiosks are currently operating across the country.