Small business advisers say anti-money laundering laws put too much of the crime-fighting burden on the sector.
The laws require any business providing financial or legal services to detect and deter illegal behaviour, through due diligence procedures, like identity verification, when taking on a new client.
The Government recently relaxed identity verification requirements on banks, when someone is opening a bank account and is planning further changes to the Anti-Money Laundering and Countering Financing of Terrorism law.
Auckland based Aro Advisers Dave Saunders says AML requirements are adding cost and uncertainty to business.
Kathryn also speaks with compliance adviser Uddhav Kirtikar.
Stock photo. Photo: 123rf.com
