Remitters losing against RBNZ was inevitable, says expert

Remitters losing against RBNZ was inevitable, says expert
Barrister Gary Hughes says the case is bad for small remitters. (Image: Supplied)
Victoria Young
An anti-money laundering expert says a recent case where money remitters lost against the Reserve Bank of New Zealand (RBNZ) was “probably inevitable” and a “bad outcome for the small business and money transfer sector”.Justice David Gendall threw out a judicial review of the RBNZ in a decision dated June 8.  The money remitters, The Ink Patch Money Transfer, Samoa Money Transfer, Samoa Finance Money Transfer and KlickEx Pacific took the action.They claimed registered banks stopped opening new bank accounts for remi...

More Finance

ANZ vows to fight CCCFA class action despite ASB settlement
Finance

ANZ vows to fight CCCFA class action despite ASB settlement

“ANZ NZ will continue to defend its case. Our position hasn’t changed.” 

ASB settles CCCFA class action for hefty $135.6m
Finance

ASB settles CCCFA class action for hefty $135.6m

 It ended a four-year class action centred on disclosure obligations.

Andy Macdonald 07 Oct 2025
ASB pays $135.6m to settle long-running CCCFA class action
Finance

ASB pays $135.6m to settle long-running CCCFA class action

High-street lender ASB has agreed to pay $135.6 million to settle a class action brought against it for alleged breaches of the Credit Contracts and Consumer Finance Act (CCCFA).The settlement – without admission of liability or wrongdoing – concluded four years of legal proceedi...

Staff reporters 07 Oct 2025