Remitters losing against RBNZ was inevitable, says expert

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

More Finance

FMA warns lenders on mortgage fraud
Finance

FMA warns lenders on mortgage fraud

The FMA sees dangers for borrowers if lenders aren't vigilant.

Staff reporters 25 Jul 2025
‘Teflon Man’ Neil Quigley’s next big job
Finance Analysis

Pattrick Smellie: ‘Teflon Man’ Neil Quigley’s next big job

Is the RBNZ lining up a Canadian replacement for Adrian Orr?

Pattrick Smellie 23 Jul 2025
Time ripe to stop forex fees confusion
Finance

Time ripe to stop forex fees confusion

Misleading 'fees free' foreign exchange deals are costing Kiwis.

Pattrick Smellie 22 Jul 2025
BNZ whistleblower wins $500k, fights on
Finance

BNZ whistleblower wins $500k, fights on

 Melissa Bowen had sought more than $3 million after she lost her job at the bank.

Victoria Young 18 Jul 2025