Under the AML/CFT Act, reporting entities are required to report prescribed transactions (including international wire transfers of $1,000 or more) to the Police’s Financial Intelligence Unit, Deputy Governor and General Manager of Financial Stability Geoff Bascand says.

WBC designed and configured its prescribed transaction reporting (PTR) systems in a way that failed to detect and report all eligible international wire transfers, resulting in it failing to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019.

“This formal warning reflects the importance of the prescribed transaction reporting regime in building an intelligence picture across New Zealand’s financial system, and reiterates the seriousness with which we view non-compliance with the AML/CFT Act,” Mr Bascand says. We are here to help if you need guidance on how to improve your AML/CFT risk assessment or programme