RBNZ warns Westpac NZ on money laundering compliance

In 2020 the parent bank in Australia agreed to pay a record A$1.3 billion penalty to settle legal action against it for money laundering and child exploitation allegations. (Image: Deposit Photos)

Jenny Ruth

Wed, 11 Aug 2021

The Reserve Bank has formally warned Westpac's New Zealand branch about its failure to report prescribed transactions required by the Anti-Money laundering and Countering Financing of Terrorism Act.The act requires financial institutions to report such transactions, including international wire transfers of $1,000 or more, to the police's Financial Intelligence Unit.Deputy governor and financial stability general manager Geoff Bascand said Westpac designed and configured its prescribed transaction reporting systems in a way that failed...

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