WELLINGTON Dec 12 New Zealand's central bank
said on Monday it had issued a formal warning to Aotearoa Credit
Union for failing to meet anti-money laundering rules between
2013 and 2015.
The Reserve Bank of New Zealand (RBNZ) said the North Island
credit union had not carried out customer due diligence checks
and account monitoring or fulfilled its obligations to report
The credit union had struck a court-enforceable agreement
with the RBNZ to review its anti-money laundering programme, the
central bank said in a written statement.
Aotearoa Credit Union has seven branches throughout the
North Island and lent about NZ$10 million ($7.12 million) in
2015, according to its annual report.
The RBNZ is one of three New Zealand anti-money laundering
regulators, covering banks and credit unions.
The country's rules will be rolled out to cover lawyers,
real estate agents and accountants next year, though the
government has not yet established which agency will supervise
($1 = 1.4039 New Zealand dollars)
(Reporting by Charlotte Greenfield; Editing by Kim Coghill)