RBNZ pings ASB for money laundering system failures
Chief executive Vittoria Shortt admits there were shortcomings with its transaction monitoring and customer due diligence systems.
ASB says it didn't respond fast enough to resolve the problems.
Australian-owned ASB Bank could face a penalty of nearly $7 million because of anti-money laundering process failures over several years.
The Reserve Bank has filed civil proceedings in the High Court against ASB for breaches of core requirements under the Anti-Money Laundering and Countering
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