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New Zealand’s central bank to set up standalone AML compliance department

The new department will see the establishment of an enforcement committee to oversee serious and regular breaches of regulations, expanding on the bank’s existing enforcement strategies.

By Vish Gain for AMLi

NEW ZEALAND’s central bank is setting up a separate standalone compliance enforcement department for the anti-money laundering, banking and insurance sectors.

In an announcement on Tuesday, the Reserve Bank of New Zealand said it was expanding its regulatory resources to establish a new department that will work with the bank’s supervision team to ensure compliance.

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