Law & Regulation

Money remitters say the Reserve Bank is 'overly zealous'

Victoria Young
Mon, 16 May 2022

Money remitters say the Reserve Bank is 'overly zealous'
It's getting harder for workers to send money from NZ to the Pacific Islands. (Image: File)
Victoria Young
Mon, 16 May 2022
A test case on whether the Reserve Bank of New Zealand is to blame for banks denying money remitters services has been heard in the high court at Wellington.The case brought by four money remitters comes while the Reserve Bank of NZ (RBNZ) has been trying to encourage banks to keep providing services to the Pacific Islands.As recently as April 2021, the RBNZ said anti-money laundering laws are not an excuse to de-risk from the Pacific Islands.The case Judgement has been reserved on the case brought by four money remitters providing service...

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