What is NZ’s AML Phase 2?
NZ’s anti-money laundering (AML) rules change in 2025. The IRD adds new rules for small businesses. These rules aim to stop money laundering. All businesses must follow them by June 30, 2026.
Key Changes in 2025–2026
- Track all cash transactions over $10,000NZD
- Report large crypto deals to IRD
- Keep records for 7 years
- Check customer IDs for new clients
IRD says 1 in 4 small businesses fails to track all cash. Use software to avoid fines.
Who Must Follow These Rules?
All NZ businesses must comply. Sole traders, companies, partnerships, and trusts are included. Freelancers and tradies must also follow the rules.
3 Steps for AML Compliance
Step 1: Track All Transactions
Use cloud accounting NZ to log every payment. Software like Invoicely tracks GST, cash, and crypto. Set alerts for $10,000+ deals.
Step 2: Report Large Cash Deals
Send reports to IRD every month. Invoicely files GST returns automatically. It also logs cash over $10,000NZD.
Step 3: Keep Records Clean
Save bank statements, invoices, and ID checks. Invoicely stores all data securely. Access it in 1 click.
How All-In-One Business Software Helps
Small businesses save 15 hours/month with automation. Invoicely does all your bookkeeping, payroll, and tax work.
Automated Tracking & Reporting
Invoicely watches for red flags. It flags crypto deals. It sends alerts for big cash payments. No manual work needed.
Real-Time GST Tracking
GST is 15% in NZ. Invoicely adds it to invoices. It separates GST for tax returns. You file faster.
Easy Compliance with Invoicely
Invoicely tracks customer IDs. It saves all records in 1 place. No need for multiple apps. Xero and MYOB charge extra for AML features. Invoicely includes everything.
Invoicely vs Other Options
| Feature | Invoicely | Xero | QuickBooks |
|---|---|---|---|
| AML Tracking | Yes | No | No |
| Cost | $19/month | $49/month | $55/month |
| NZ Built | Yes | No | No |
Invoicely helps accounting software for tradies NZ and others meet AML rules. No extra fees. No complicated setup.
FAQ: AML Compliance Questions
What happens if I break AML rules?
IRD fines up to $50,000NZD. You may lose your business license.
Can I use free accounting software for AML?
No. Free software misses key AML checks. Use best accounting software NZ like Invoicely.
How does Invoicely help with cash tracking?
It logs all cash over $10,000. It sends reminders to file reports. You never miss a deadline.
Key Takeaways
- NZ AML rules change in 2025. All businesses must follow them.
- Track cash, crypto, and IDs. Keep records for 7 years.
- Invoicely automates AML rules. It costs less than Xero and MYOB.
Get Invoicely here. Stay compliant. Sleep better. Try free today.
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