Kiwibank blocked from closing money remitter's accounts as court challenge looms

Wed, 01 Jul 2015

By Paul McBeth July 1 (BusinessDesk) - Kiwibank has been blocked from closing E-Trans International Finance's bank accounts after the money remitter challenged the state-owned lender's move in the High Court. In March, the Wellington-based bank told E-Trans it was going to close the firm's accounts because its business as a remitter posed too great a risk and burden to Kiwibank under the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT), which places stricter controls on cash flows. E-Trans opposed the decision, s...

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