By Renju Jose
NEW Zealand’s central bank has filed a civil lawsuit against the Co-operative Bank Ltd over three breaches of anti-money laundering and countering financing of terrorism rules, stemming from at least 2020.
The Reserve Bank of New Zealand (RBNZ) said the co-operative bank failed to identify higher-risk transactions and customers, undertake due diligence and maintain required records.
The bank has admitted liability and the parties have agreed to jointly recommend to the court a penalty of NZ$1.425 million ($840,608). It is not alleged that the bank was involved in money laundering or terrorism financing, the RBNZ said.
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