June 11, 2026
Featured
The New Zealand Herald
ASB Bank has been ordered by New Zealand’s High Court to pay a record NZ$6.7 million penalty after admitting multiple breaches of the country’s AML/CFT regime, including failures related to its AML/CFT programme, ongoing customer due diligence, enhanced due diligence, suspicious activity reporting, and required termination of certain business relationships. The Reserve Bank of New Zealand said the case reflects serious non-compliance rather than alleged involvement by ASB in money laundering or terrorism financing. For compliance teams, the case reinforces that regulators are focused on whether AML/CFT controls operate effectively in practice, including timely alert review, current customer information, risk-based monitoring, escalation, and remediation.
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Key Developments
AlphaDelta Advisory
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