BNZ warned for errors on $500m of cash transaction reports
Reporting failures compromised the information used by Police to fight crime, says RBNZ.
BNZ said it became aware of a coding error in its reports in August 2020.
The BNZ has been given a formal warning by the Reserve Bank for failing its anti-money laundering obligations in reporting at least $500 million of cash transactions to the Police.
Under anti-money laundering legislation, the bank is required to provide prescribed transaction reports giving details
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