Anti-money laundering law ‘significant cost’ for banks
NZ Bankers' Association says the need to attract and retain customers is always balanced against compliance obligations.
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Banks are closing the accounts of money remittance businesses because of money laundering risks and the “significant cost” of legally monitoring them, the New Zealand Bankers’ Association says.
Last week, a “substantial” foreign exchange dealer and currency remitter won an order from the High
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Hamish McNicol
Fri, 03 Jul 2015
Fri, 03 Jul 2015
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Anti-money laundering law ‘significant cost’ for banks
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