Banks are closing the accounts of money remittance businesses because of money laundering risks and the “significant cost” of legally monitoring them, the New Zealand Bankers’ Association says.
Last week, a “substantial” foreign exchange dealer and currency remitter won an order from the High Court prohibiting Kiwibank from closing its accounts and facilities until further order from the court.
A substantive hearing claiming breach of contract has been given priority, given it is likely of interest to all banks but is not expected to be heard until next year.
In March, Kiwibank told E-Trans International Finance, established in 2003, that it was closing the company’s accounts because it considered the business posed “too great a risk” to the bank under the Anti-Money Laundering and Countering Financing of Terrorism Act.
E-Trans has banked with Kiwibank since 2004.
Its sole director and shareholder, Xiaohua Sun, says all the major trading banks are taking similar action, and other accounts held by E-Trans with other banks have been closed.
Mr Sun says eight of the 15 specialist money remittance and currency exchange providers trading in Auckland have had their accounts closed.
NZ Bankers’ Association chief executive Kirk Hope says banks take their obligations in meeting the anti-money laundering law “very seriously.”
But one of the consequences of doing so has been the account closure of some money remittance businesses, he says.
“[The banks have] invested heavily in policies, systems, processes and staff training to ensure they identify, manage and mitigate any risks which the law targets.
“There has obviously been significant cost associated with this investment.”
The Reserve Bank told the country’s banks in January this year the legislation does not require them to take a “broad-brush approach” against money remitters, after some expressed concern banks were “indiscriminately terminating” their accounts.
Mr Hope says it backs the Reserve Bank’s stance, believing banks have applied their obligations on a case-by-case basis.
Banks operate in a “very competitive” environment to attract and retain customers but this is balanced by the need to take compliance obligations seriously.
“If they can continue to bank a customer within the bounds of their AML obligations, they will.”
看来银行开始对换汇公司，地下钱庄的 银行账号下手了，以后还是从国内银行直接汇款吧。
作者: NewLynnHse 时间: 2015-7-3 10:48:24
惨了，是不是都得关门了？作者: vmoto 时间: 2015-7-3 10:50:24
易通金融。。。。。。。。。。作者: 119900 时间: 2015-7-3 11:21:03
看来要下手了。。。作者: 微苦蓝山 时间: 2015-7-3 11:24:42
这可是大新闻、、、、、作者: maomao411 时间: 2015-7-3 11:37:53
this is huge,,,,,作者: xiaoxiaojiang 时间: 2015-7-3 11:42:20
Kiwibank has been blocked from closing E-Trans International Finance's bank accounts after the money remitter challenged the state-owned lender's move in the High Court.
In March, the bank told E-Trans it was going to close the firm's accounts because its business as a remitter posed too great a risk and burden to Kiwibank under the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT), which places stricter controls on cash flows.
E-Trans opposed the decision, saying it breached the Code of Banking Practice, and sought a court order to keep the accounts open pending a full hearing in the High Court in Auckland.
In a June 23 judgment published on the Ministry of Justice's website, Justice Mary Peters sided with E-Trans, restraining Kiwibank from closing the company's accounts and facilities until the final outcome of court proceedings.