Mongolian fintech pioneer chooses ThirdEye to power its Australian compliance operations.
We recently brought together senior financial crime professionals from New Zealand reporting entities for a candid peer-to-peer focus group at kingi Private Restaurant in Auckland. Daniel Frost, Head of the Financial Intelligence Unit at NZ Police, joined as a special guest contributor, bringing a law enforcement lens to a conversation that was already rich with frontline experience.
Here is what we took away.
AI is being put to work — thoughtfully
Across the room, organisations are finding practical applications for AI that keep humans firmly in control. Flagging duplicate bank accounts for human review, verifying document authenticity by surfacing discrepancies for investigation, and generating comprehensive responses to customer complaints by analysing full account histories. The theme across all of these use cases was consistent: AI as augmentation, not replacement.
Implementing AI in a regulated environment is as much a governance challenge as a technical one. The approach that landed best was simple and principle-based: use enterprise solutions safely, avoid external tools, and escalate issues when in doubt. Several participants made the point that effective AI use demands experienced staff who can interrogate outputs and push back when something does not look right.
The threat landscape is shifting — and criminals are adapting
Fraud and scams remain the dominant financial crime type, and New Zealand is not insulated. Cryptocurrency-related crime is rising, mortgage fraud is being driven by organised networks, and smaller financial institutions are increasingly in the crosshairs, deliberately targeted by criminals who know they have fewer controls than major banks.
The absence of normal patterns, or the presence of something that simply does not feel right, remains one of the most reliable detection signals. Staff instinct, when cultivated and trusted, is still a front line.
Regulatory transition is creating real uncertainty
The move to a single supervisor model under the Department of Internal Affairs from 1 July 2026 generated significant discussion. Participants drew a contrast between New Zealand’s traditionally collaborative regulatory approach and Australia’s more formal process and expressed a clear preference for preserving what makes the New Zealand model work.
Additionally, the FIU’s proposed expansion (subject to levy approval) would establish an Auckland presence to improve industry engagement, a development that would be welcomed by many in the room.
Information sharing and New Zealand's growing international reach
Privacy legislation continues to limit what organisations can share and with whom. The Financial Crime Prevention Network provides a valuable exception for participating banks, but beyond that framework the barriers remain real.
The conversation continues
What stood out most was the quality of conversation that happens when senior professionals feel comfortable speaking honestly, a genuine exchange between people who understand the complexity of this work and want to get better at it together.
That is exactly the kind of conversation we will keep creating. If you would like to be part of the next one, we would love to hear from you.
