RBNZ takes TSB to court over money-laundering failures

Thu, 27 May 2021

The Reserve Bank said it has started high court action against TSB Bank for acknowledged breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009."The claim represents an escalated regulatory response to TSB's non-compliance with aspects of the AML/CFT Act," the banking regulator said."It is not alleged that TSB was involved in money laundering or the financing of terrorism," said deputy governor Geoff Bascand, who heads RBNZ's prudential regulatory functions."TSB has been c...

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