By PAUL O’DONOGHUE, Senior Correspondent
ASB Bank has been ordered to pay NZ$6.7 million ($3.9 million) after admitting seven breaches of New Zealand’s anti-money laundering laws.
The penalty is the largest ever imposed by a New Zealand court for AML failures.
Subscribe now to have unlimited access
With our membership subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!