{"id":469744,"date":"2026-06-10T06:38:13","date_gmt":"2026-06-10T06:38:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/469744\/"},"modified":"2026-06-10T06:38:13","modified_gmt":"2026-06-10T06:38:13","slug":"high-court-orders-asb-bank-to-pay-record-6-7-million-penalty-for-anti-money-laundering-breaches","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/469744\/","title":{"rendered":"High Court orders ASB Bank to pay record $6.7 million penalty for anti-money laundering breaches"},"content":{"rendered":"

Shortt said ASB had \u201cuplifted\u201d its systems and processes to improve its AML\/CFT capabilities.<\/p>\n

\u201cWe have invested significantly in training our people, expanding our financial crime teams and enhancing the technology that supports our financial crime operations,\u201d she said.<\/p>\n

\u201cProtecting our customers and the financial system is a core priority for ASB. We remain committed to further strengthening our AML\/CFT compliance systems.\u201d<\/p>\n

ASB admitted to all seven breaches of the AML\/CFT Act and co-operated with the investigation.<\/p>\n

The Reserve Bank (RBNZ), which began proceedings against ASB in December 2025, said the penalty reflected the seriousness and prolonged nature of ASB\u2019s non-compliance over about six years.<\/p>\n

\u201cTransaction monitoring is a key pillar to detect money laundering and terrorism financing,\u201d the RBNZ\u2019s acting assistant governor, financial stability, Angus McGregor, said.<\/p>\n

\u201cIt is incumbent on banks to ensure their systems and processes are robust and sufficiently recognise and mitigate these risks.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Shortt said ASB had \u201cuplifted\u201d its systems and processes to improve its AML\/CFT capabilities. \u201cWe have invested significantly…\n","protected":false},"author":2,"featured_media":469745,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[78013,237571,228622,25286,1643,27252,6120,1349,2082,42,2959,33186,12472,1132,43,19719,6848,2744,23941,1974,61,40,38,41,39],"class_list":["post-469744","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-78013","tag-237571","tag-antimoney","tag-asb","tag-bank","tag-breaches","tag-breaching","tag-court","tag-for","tag-headlines","tag-high","tag-laundering","tag-laws","tag-million","tag-news","tag-ordered","tag-orders","tag-pay","tag-penalty","tag-record","tag-to","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/469744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=469744"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/469744\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/469745"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=469744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=469744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=469744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}