Citibank NZ cops warning from RBNZ over money-laundering rule breaches

The bank did not follow anti-money laundering rules. (Image: Greg Bowker)

Thu, 14 Dec 2023

The New Zealand arm of the United States’ third largest bank has copped a formal warning from the Reserve Bank of New Zealand for failing to observe anti-money laundering rules on 64,000 transactions between 2017 and 2022.The transactions occurred between January 2017 and July 2020 and between November 2021 and April 2022.Citibank NZ self-reported the issues and had co-operated throughout the RBNZ’s investigation, said the central bank’s director of enforcement and resolution, Kerry Beaumont.“This formal warning to Citib...

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