TSB formally warned by RBNZ for failing to review and keep up to date its anti-money laundering risk assessment over a 3 year period

TSB formally warned by RBNZ for failing to review and keep up to date its anti-money laundering risk assessment over a 3 year period

The Reserve Bank has formally warned TSB Bank over lax management of its responsibilities under the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act) over a three year period. 

"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," the Reserve Bank says.

"TSB Bank has accepted the Reserve Bank’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."

Last year both Kiwibank and JP Morgan Chase also received Reserve Bank AML/CFT Act warnings.

Here's the Reserve Bank's full statement

Enforcement action under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 – TSB Bank Ltd 

The Reserve Bank of New Zealand (the Reserve Bank) has today formally warned TSB Bank Ltd (TSB Bank) under section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act). As the supervisor of banks for compliance with their Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) 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 Reserve Bank’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.

Section 59 (1) – A reporting entity must review its risk assessment and AML/CFT programme to: 

(a) Ensure the risk assessment and AML/CFT programme remain current; and (b) Identify any deficiencies in the effectiveness of the risk assessment and the AML/CFT programme; and (c) Make any changes to the risk assessment or AML/CFT programme identified as being necessary under paragraph (b).

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rabobank is the only bank that has asked me to update personal details and provide proof,maybe because most of their clients are online only.

Gareth, where is the published data of those captured in the net for AML/CFT breaches? Is this information publicly available?