JPMorgan's NZ branch gets formal warning from central bank over lack of risk assessment plan in 2013

Wed, 04 Mar 2015

By Paul McBeth March 4 (BusinessDesk) - JPMorgan Chase Bank's New Zealand branch have been given a formal warning by the Reserve Bank for a four-month period in 2013 when it didn't have appropriate risk assessment measures in place to meet anti-money laundering legislation. The central bank today issued a formal warning to the JPMorgan branch, saying it "has reasonable grounds to believe that for a period of approximately four months in 2013" the lender's risk assessment didn't fully meet all the requirements of the Anti-Money Laundering...

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