Westpac New Zealand has been given a formal warning by the Reserve Bank for failing to report prescribed transactions.
Under the Anti-Money Laundering and Countering Financing of Terrorism Act, the bank was meant to report such transactions, which includes international wire transfers of $1000 or more, to the police's Financial Intelligence Unit.
The Reserve Bank said the New Zealand branch of the Westpac Banking Corporation designed and configured its prescribed transaction reporting systems in a way which failed to detect and report all eligible international wire transfers.
As a result, it failed to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019.
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