Thursday , December 5 2019
Home / RBNZ / Reserve Bank looking closely at AUSTRAC’s AML/CFT findings

Reserve Bank looking closely at AUSTRAC’s AML/CFT findings

Summary:
Release date 20 November 2019 The Reserve Bank of New Zealand is working closely with regulatory counterparts following an announcement about alleged systemic AML/CFT breaches by Westpac Banking Corporation in Australia. AUSTRAC has applied to the Federal Court of Australia for civil penalty orders against Westpac Banking Corporation in Australia. The civil penalty orders relate to alleged systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) in Australia. Deputy Governor and Head of Financial Stability Geoff Bascand said the Reserve Bank of New Zealand was made aware of AUSTRAC’s actions and is in close contact with counterparts across the Tasman in relation to this issue. “We have a regular onsite

Topics:
Reserve Bank of New Zealand News Releases considers the following as important:

This could be interesting, too:

International Settlement writes Basel III monitoring data for external research: usage policy

Bank of Japan writes Speech by Board Member Sakurai in Hyogo on Nov. 27, 2019 (Economic Activity, Prices, and Monetary Policy in Japan)

Cash writes SNB entbindet zwei Bilanzpositionen der Unterlegungspflicht

Bank of Japan writes Speech by Board Member Harada in Oita (Economic Activity, Prices, and Monetary Policy in Japan)

Release date

20 November 2019

The Reserve Bank of New Zealand is working closely with regulatory counterparts following an announcement about alleged systemic AML/CFT breaches by Westpac Banking Corporation in Australia.

AUSTRAC has applied to the Federal Court of Australia for civil penalty orders against Westpac Banking Corporation in Australia. The civil penalty orders relate to alleged systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) in Australia.

Deputy Governor and Head of Financial Stability Geoff Bascand said the Reserve Bank of New Zealand was made aware of AUSTRAC’s actions and is in close contact with counterparts across the Tasman in relation to this issue.

“We have a regular onsite programme with New Zealand banks to ensure compliance with New Zealand’s AML/CFT requirements, and will be looking closely at the Australian findings and if they have relevance for Westpac NZ.”

The Reserve Bank will not be commenting further at this stage.

Media contact:
Naomi Mitchell
Head of Communications
DDI: +64 4 471 3836 | MOB: 027 294 3900
Email: [email protected]

Reserve Bank of New Zealand News Releases
The Reserve Bank of New Zealand is New Zealand’s central bank. We promote a sound and dynamic monetary and financial system.

Leave a Reply

Your email address will not be published. Required fields are marked *