TSB Bank fined $3.5m for anti-money laundering breaches

Tue, 31 Aug 2021

The Reserve Bank is welcoming a Wellington High Court decision to fine TSB Bank $3.5 million for breaching the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT).TSB accepted it didn't have effective procedures, policies and controls for monitoring and managing compliance with AML/CFT and hadn't reviewed and maintained its AML/CFT programme.It also admitted it hadn’t conducted a risk assessment in respect of its real estate operations and hadn't had regard to "certain countries" it deals w...

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