GRC Professional - February 2015 Edition | Page 18
New Zealand banks
struggle with remitters
A
ustralian banks are not the only
ones facing challenges with the remittance industry, with New Zealand’s banks facing similar issues.
Remitters in New Zealand have reported that
banks have been closing their accounts, citing
money-laundering concerns with the industry.
However, the Reserve Bank of New Zealand (RBNZ) defended remitters. In a statement, the RBNZ says, “Money remitters play
an important role in providing a specialised
financial service that many people wouldn’t
otherwise access conveniently and affordably. Remittances from New Zealand represent a significant part of many Pacific nations’ incomes.”
“Some money remitters have recently experienced difficulty maintaining access to
banking services, or have completely lost access to banking services. Some of them believe that banks are indiscriminately terminating their bank accounts, or refusing to open
accounts for any new customers in the money
remittance business.”
The RBNZ warned the country’s major banks not to close remittance providers’
bank accounts. The explanation that banks
have provided for terminating money remit-
16 GRC Professional • February 2015
ters’ accounts has referred to obligations that
banks have under