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Reserve Bank issues warning to Aotearoa Credit Union


Date 12 December 2016

Reserve Bank issues warning to Aotearoa Credit Union

The Reserve Bank has today issued a formal warning to Aotearoa Credit Union under section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act.

As the supervisor of non-bank deposit takers 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 2 February 2015, Aotearoa Credit Union did not meet the following obligations:

• The obligation to conduct ongoing customer due diligence and account monitoring (section 31(2) of the AML/CFT Act);

• The requirement to report suspicious transactions in the prescribed form, within three working days of a suspicion being formed (section 40 of the AML/CFT Act);

• The obligation to comply with customer due diligence requirements, including ongoing customer due diligence and account monitoring (section 57(c) of the AML/CFT Act); and

• The requirement to have adequate and effective procedures, policies and controls to monitor and manage compliance with the AML/CFT programme (section 57(l) of the AML/CFT Act).

The Reserve Bank has accepted an enforceable undertaking from the Aotearoa Credit Union under section 81 of the AML/CFT Act, to review its risk assessment and AML/CFT programme and amend the identified deficiencies that contributed to its failure to meet its obligations. The enforceable undertaking is an agreement between the Reserve Bank and Aotearoa Credit Union that Aotearoa Credit Union will take specific steps to amend or correct deficiencies in its risk assessment and AML/CFT programme. If Aotearoa Credit Union fails to meet the terms of the enforceable undertaking, the Reserve Bank may apply to the Court for an order directing Aotearoa Credit Union to comply with the agreement.

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