RBNZ formally warns BNZ on money laundering compliance failure

Fri, 08 Jul 2022

The Reserve Bank of New Zealand (RBNZ) has formally warned the Bank of NZ (BNZ) for failing to report the correct location of about 50,000 cash transactions caught by the Anti Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT).The National Bank of Australia-owned BNZ had self-reported the breaches which were the result of a technical coding error that led to it reporting incorrect location information to the police Financial Intelligence Unit (FIU).The matter highlights the importance of reporting entities testing their A...

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