March 25 2017
New regulations to combat money laundering and terrorism financing need to be closely monitored to ensure they’re not abused, a privacy law specialist has warned. Under the rules, coming into force 1 November, banks will be required to give details of international transfers above $1000, and any cash transactions within New Zealand above $10,000 dollars.
The rules are being applied under the Anti–Money Laundering and Countering Financing of Terrorism Act 2009, after regulations were passed in November defining the amount of money that would require banks to disclose transfer details. The details will include include the customer’s name, address, phone number, and IP address.