NZ banks, finance and law firms now liable under new money laundering laws

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July 2 2018

Law firms, banks and financial entities will be forced to provide police with client details and information on all cash transactions over $10,000 and all international wire transfers from New Zealand of $1000, from yesterday.

The country’s banks, credit firms and financial institutions are now liable under new money laundering and counter-terrorism financing laws following a grace period to report suspicious transactions.