Anti-money laundering law ‘significant cost’ for banks
NZ Bankers' Association says the need to attract and retain customers is always balanced against compliance obligations.
Banks are closing the accounts of money remittance businesses because of money laundering risks and the “significant cost” of legally monitoring them, the New Zealand Bankers’ Association says.
Last week, a “substantial” foreign exchange dealer and currency remitter won an order from the High
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Hamish McNicol
Fri, 03 Jul 2015
Fri, 03 Jul 2015
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Anti-money laundering law ‘significant cost’ for banks
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