How anti-money laundering rules sometimes make things worse

Nobody ever talks about the extensive suspicious transactions Carrie Mathison had to wade through. (Image: Supplied)

Mon, 21 Oct 2024

Flying between Hawke’s Bay and Auckland with duffel bags full of cash is what you would think anti-money laundering laws might aim to prevent rather than encourage. Just after the pandemic, that is what some of the remittance companies, which help seasonal workers transfer money to the Pacific Islands, did largely thanks to anti-money laundering and counter-terrorism financing (AML/CFT) rules.After AML/CFT rules came into force, remittance providers found themselves debanked - denied bank accounts - because banks considered irregular...

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