Kiwibank warned over AML
Kiwibank has received a formal warning from the Reserve Bank over its failure to meet some requirements of the AML/CFT Act.
Wednesday, October 28th 2015, 11:26AM
The RBNZ found that during the period June 2013 to June 2014, Kiwibank did not always have fully compliant procedures in relation to customer due diligence (CDD) requirements.
This included:
· Requirements for some existing customers to “top up” their identification details (new or additional information) to the required standard
· Performing of certain checks for customers considered high risk persons
· Verification of the source of funds for certain high risk customers
· The collecting of address information for customers who might conduct occasional transactions in a Kiwibank branch
Kiwibank said it accepted it did not meet some of the requirements and had taken steps to remedy the issues identified.
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