Aotearoa credit union reprimanded by Reserve Bank over money laundering failures

Edwin Mitson
Mon, 12 Dec 2016

By Edwin Mitson Dec. 12 (BusinessDesk) - Aotearoa Credit Union has been issued a formal warning by the Reserve Bank because the regulator believes the lender failed to meet its obligations under anti-money laundering and the funding of terrorism rules.  In a statement, the central bank said it had reasonable grounds to believe the credit union failed to conduct ongoing customer due diligence and account monitoring, the requirement to report suspicious transactions within three working days and the requirement to have adequate and effectiv...

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