RBNZ warns Kiwibank over year-long failure on anti-money laundering checks

Tue, 27 Oct 2015

By Suze Metherell Oct. 28 (BusinessDesk) - Kiwibank, the government-owned lender, has been formally warned by the Reserve Bank of New Zealand for a year-long period when it didn't have appropriate risk assessment measures in place to meet anti-money laundering legislation. The central bank found that between June 2013 and June 2014, the Wellington-based lender did not always operate with compliant procedures in relation to customer due diligence requirements of the Anti-Money Laundering/Countering Financing of Terrorism Act (AML/CFT) whic...

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