TSB cops formal AML warning
The Reserve Bank has given TSB a formal warning over its AML obligations.
"The Reserve Bank has reasonable grounds to believe that between 30 June 2013 and 9 June 2016, TSB Bank was not reviewing and keeping up to date its AML/CFT risk assessment as required under section 59 of the Act, despite being advised it was required to do so by the Reserve Bank following an on-site review in 2013."
TSB Bank has accepted the regulator's findings, and has taken immediate steps to review its risk assessment and amend any deficiencies, to ensure it meets the requirements of the Act.
Under the act a reporting entity must review its risk assessment and AML/CFT programme to:
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