RBNZ does not have ‘adequate’ AML/CFT resource – FATF report

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RBNZ

Reserve Bank of New Zealand, Wellington

The Reserve Bank of New Zealand lacks adequate resources to carry out anti-money laundering and counter the financing of terrorism (AML/CFT) inspections, the Financial Action Taskforce says.  

In a new report, the FATF also criticised the penalties that the RBNZ can impose for AML/CFT breaches as inadequate.

It said AML/CFT supervision in New Zealand’s financial sector was “broadly” in line with respective risk levels, expect for the banking sector. The banking sector is the most important

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