Westpac has been issued a formal warning by the Reserve Bank. Photo / Glenn JeffreyThe Reserve Bank has issued a formal warning to Westpac bank for failing to comply with anti-money laundering rules. The law requires financial service providers to report all overseas transactions worth more than $1000 to the police and the Reserve Bank. The RBNZ said Westpac NZ and Westpac Banking Corporation were assessed separately as part of a scheduled statutory onsite inspection. Apart from its prescribed transaction report failing Westpac was found to have satisfactory procedures and controls in place for the other surveyed areas.

Source: New Zealand Herald August 10, 2021 21:11 UTC