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Hot Topic Hawke’s Bay
General Business
2 mins to read
4

BNZ warned for errors on $500m of cash transaction reports

Reporting failures compromised the information used by Police to fight crime, says RBNZ.

BNZ said it became aware of a coding error in its reports in August 2020.

Tim Hunter Fri, 08 Jul 2022

The BNZ has been given a formal warning by the Reserve Bank for failing its anti-money laundering obligations in reporting at least $500 million of cash transactions to the Police.

Under anti-money laundering legislation, the bank is required to provide prescribed transaction reports giving details

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Tim Hunter Fri, 08 Jul 2022
Contact the Writer: thunter@nbr.co.nz
News tip? Question? Typo? Let us know: editor@nbr.co.nz
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Tags
BNZ RBNZ AML/CFT New Zealand Police Financial Intellignece Unit Money laundering
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