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Co-operative Bank faces $1.4m AML penalty in NZ court
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Co-operative Bank faces $1.4m AML penalty in NZ court
New Zealand’s Reserve Bank – Te Pūtea Matua (RBNZ), the country’s central bank and financial regulator, has launched civil proceedings in the Wellington High Court against The Co-operative Bank, a customer-owned retail lender, over three separate breaches of its anti-money laundering obligations stretching back at least five years. The bank has admitted liability across all three causes of action, and both parties have put forward a joint recomm…
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