A New Zealand bank, ASB, has been ordered to pay $6.731 million for failing to implement proper anti-money laundering systems between 2019 and 2025, prompting criticism that the penalty is disproportionate and insufficient given the scale of transactions and the critical role of
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Pretty amazing, because I remember that I had to go through so much stuff with anti-money laundering legislation that came through uh with so many changes to all our systems, etc. And I just presume that the banks were already doing it, and I see Victoria Short said, Yep, well, sorry, and we have invested significantly in training our people, this sort of thing we should have done right from the beginning. But the government is due to introduce a bill to parliament later this year.
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eroded by cumbersome compliance processes and weak enforcement
Jenee Tibshraeny: NZ Herald Wellington business editor on ASB being ordered to pay $6.731 million for breaching anti-money laundering lawsSpotted something wrong on this page? Report a correction.
