Proactive Release – Expiring Anti-Money Laundering and Countering Financing of Terrorism Act 2009 regulations: substantive and technical changes and new regulatory proposals [pdf, 954 KB]
...some people to participate in the financial system. In particular, the FATF has identified that requirements to verify a customer’s address can be difficult for disadvantaged and vulnerable people to comply with, including low income households, disabled persons, and individuals in rural communities. New Zealand’s AML/CFT regime requires verification of address: to the extent that Māori are vulnerable, they may be disproportionately impacted by this requirement. 63. The prop...