New Zealand Central Bank Warns Australia Bank Unit On Money Laundering

New Zealand’s central bank issued a formal warning to National Australia Bank Ltd’s local unit for failing to report approximately 50,000 transactions as required by anti-money laundering and counterterrorism laws. <br />The Reserve Bank of New Zealand says NAB’s Bank of New Zealand did not report accurate locations for about 50,000 local and physical cash transactions between November 2018 and April 2020. <br />BNZ says it had reported the error to the Reserve Bank after becoming aware of the issue in August 2020 and set about fixing it immediately.