Law & Regulation

Remitters losing against RBNZ was inevitable, says expert

Victoria Young
Tue, 14 Jun 2022

Remitters losing against RBNZ was inevitable, says expert
Barrister Gary Hughes says the case is bad for small remitters. (Image: Supplied)
Victoria Young
Tue, 14 Jun 2022
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...

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