The Statutes Amendment Bill passed its final reading on 20 November 2025. Upon Royal assent the Act will make amendments to 42 Acts, including the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) and Credit Contracts and Consumer Finance Act 2003 (CCCFA). We have summarised the key changes to these Acts below.
Changes to the AML/CFT Act
- Clarifying that address verification will no longer be required for standard customer due diligence but only as part of enhanced customer due diligence processes. This change will ease a significant compliance challenge for AML/CFT reporting entities in onboarding new customers
- Allowing greater flexibility for reporting entities in conducting enhanced customer due diligence by clarifying that address or registered office information, and information relating to source of funds or wealth, only has to be verified by a reporting entity according to the "level of risk involved"
- Extending the time period for entities to submit prescribed transaction reports from 10 to 20 working days, allowing more time for higher quality transaction reporting
- Amending the exclusion for cheque deposits from the definition of "occasional transaction" so that it only applies to cheque deposits made at a registered bank or non-bank deposit-taker.
CCCFA changes
- Clarifying that a lender does not need to keep records of its inquiries in relation to declined or withdrawn applications
- Clarifying that where two or more persons specify the same postal address, a disclosure statement sent to any of those persons is treated as having been to all those persons.
Next steps
The Statutes Amendment Act 2024 will come into force on the day after it receives Royal assent. Buddle Findlay will continue to monitor legislative developments and publish updates on the same.
If you would like assistance with understanding the proposed changes or implications for your business, please contact a member of our financial services team.
This article was prepared by Andrew Suggate (Senior Associate) and Nicole McAnulty (Solicitor).
