NZ: Reserve Bank updates its assessment of money laundering and terrorism financing risks

April 7 2017

Reserve Bank today published an updated assessment of the money laundering and terrorism financing risks that face the financial sector.  Head of Prudential Supervision Toby Fiennes said: “The sector risk assessment is designed to help financial institutions to better understand their own exposure to money laundering and terrorist financing risks.” The risk rating for the banking sector is in line with similar international assessments. It is rated high risk largely due to factors such as the wide accessibility and availability of banks, the global nature of some banking products, and the volume of transactions (including cash) that banks handle.