Impact Index March 2023

The Customer and Product Data Bill, introduced by the New Zealand Parliament in May 2024, aims to enhance consumer data rights by enabling individuals and businesses to share their financial data with authorised third parties securely. The aim of the bill is to foster competition, innovation and choice, and set data-sharing standards that will keep New Zealand’s financial sector modern and in line with global trends, empowering consumers with better financial products, while maintaining strict privacy and security protections. Expected to come into force 2026, the framework underwent its second reading agreement in March 2025, once again throwing a spotlight on the significant obligations it, if passed, will place on payment service providers regarding customer data access, sharing and security.

In an effort to combat illicit finance activity on the US-Mexico border, the Financial Crimes Enforcement Network (FinCEN) has significantly tightened its cash reporting requirements for covered businesses in Texas and California.