It has been reported that the Bank of New Zealand (BNZ) appears to have had difficulties in meeting laws meant to prevent money laundering and financing of terrorism.
Anti-money laundering laws came into force in New Zealand in 2015. They require banks and other firms that handle public money to report suspicious activity.
Compliance of the law is monitored by the Reserve Bank of New Zealand when it comes to banks, non-bank deposit takers and life insurers.
Leaked documents highlight issues with compliance at the BNZ and its parent National Australia Bank.
In a statement, a BNZ spokesman said: “BNZ complies with all anti-money laundering and countering financing of terrorism regulation.
“We are extremely vigilant on all matters relating to money-laundering, sanctions and terrorist financing. We constantly review and strengthen our controls to manage a continuously changing regulatory and operating environment.”
To read the full article, please visit the NZ Herald website.