Overview
- The Reserve Bank of New Zealand lodged civil proceedings alleging breaches of core obligations under the Anti‑Money Laundering and Countering Financing of Terrorism Act.
- ASB admitted liability for all seven causes of action identified by the regulator.
- Both parties jointly recommended a NZ$6.73 million penalty, which remains subject to the court’s approval.
- The alleged shortcomings date back to at least December 2019 and include weak customer due diligence and delays in reporting suspicious activity.
- ASB is Commonwealth Bank of Australia’s New Zealand subsidiary, and the case now turns on the High Court’s decision.