Regulatory Alerts2022-05-17
Reserve Bank of New Zealand Feedback Statement on Updates to BS5 Anti-Money Laundering Guidelines
The Reserve Bank of New Zealand issued a feedback statement regarding proposed updates to BS5, its guidelines on anti-money laundering and countering the financing of terrorism for registered banks. Following industry consultation, the Reserve Bank modified the guidelines to replace mandatory expectations with recommendations regarding external guidance from the Basel Committee and the Financial Intelligence Unit. These changes clarify that while banks must comply with the AML/CFT Act, adherence to specific external standards is recommended rather than required, ensuring the guidelines remain aligned with New Zealand's statutory obligations.
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