Both ANZ and Kiwibank refused to discuss an individual customer, but said they were within their rights to close accounts without explanation.
"We take a number of factors into consideration," an ANZ spokesman said. "We're upfront about it - our rights to end a contractual relationship are set out in our terms and conditions."
Read MoreSuspects in Australia transferred funds from their companies’ accounts to the bank accounts of companies in New Zealand. The New Zealand companies and the bank accounts were controlled by the Vanuatu-based accountant, who was a signatory to the bank accounts.
Read MoreThe FIU have issued a Suspicious Activity Reporting Guideline to help clarify the obligation to report SARs under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act).
Read MoreThe Department of Internal Affairs has received a number of questions from accounting practices seeking clarification on whether activities relating to tax transfers, payments and refunds are captured activities for the purposes of the AML/CFT Act.
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Providing a registered office or a business address, a correspondence address, or an administrative address for a company, or a partnership, or for any other legal person or arrangement, unless the office or address is provided solely as an ancillary service to the provision of services not caught by the AML/ CFT Act.
Read MoreThe Department of Internal Affairs (DIA) is aware that lawyers and accountants are seeking clarification on how to meet their CDD obligations under the AML/CFT Act relating to non-clients using their trust accounts.
Read MoreThis Sector Risk Assessment is the second AML/CFT risk assessment undertaken by the Department of Internal Affairs for reporting entities covered by Phase 1 of the AML/CFT Act.
Read MoreThe FMA has published an information sheet that explains the conditions for reporting entities whose customers include managing intermediaries and customers of managing intermediaries to be able to rely on the Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2018.
Read MoreIn Operation Ark, the New Zealand Police investigated a case where drug offenders had engaged an accountant to set up a complex structure of legal entities, including a trust.
Read MoreA banned Auckland finance director, convicted of laundering dirty money for a high-profile multi-national drug deal, has applied to have his bankruptcy notice set aside.
Read MoreWhen a woman carried a supermarket shopping bag filled with cash into a bank, a teller's suspicions were raised.
Read MoreAn Auckland finance company accused of being involved in an alleged multi-million dollar pyramid scheme has pleaded not guilty to money laundering charges.
Read MoreA methamphetamine manufacturer and dealer in the Waikato region used an accountant to receive cash from his drug dealing and convert it into various purchases of farm land over a number of years.
Read MoreThe Department of Internal Affairs has issued guidance to the real estate industry following the enactment of Regulations specific to this industry. We recommend that anyone engaged in real estate assess whether they fall under the AML/CFT regime, and if they do, ensure that they take the necessary steps to comply.
Read MoreA banned Auckland finance director has been sentenced after laundering dirty money for a high-profile multi-national drug deal.
Read MoreThe Department of Internal Affairs (DIA) is aware that law firms are seeking clarification on how to meet their CDD obligations under the AML/CFT Act relating to non-clients using law firm trust accounts.
Read MoreAuckland-based money remitter Qian DuoDuo Limited, prosecuted by the Department of Internal Affairs (DIA) under anti-money laundering legislation, moved almost $95 million from China to New Zealand without having enough information to trace transactions back to the originator, a court judgment says.
Read MoreRecently AML Partners sort guidance from the Department of Internal Affairs with regard to the requirements for prescribed transaction reporting for reporting entities they supervise.
Read MoreThe Department of Internal Affairs will be delaying the publication of the guideline ‘Real Estate Agents – Complying with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act)’. This is in order to incorporate new regulations currently being consulted on and drafted by the Ministry of Justice.
Read MoreThe Department of Internal Affairs (DIA), an AML/CFT supervisor, is aware that law firms seek clarification how to meet their CDD obligations relating to their existing business relationships with registered banks.
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