Regulatory Alerts2022-02-27
Reserve Bank of New Zealand's Work in the Pacific
The Reserve Bank of New Zealand collaborated with international agencies and the Ministry of Foreign Affairs and Trade to execute the Pacific Remittances Project, which formally concluded in July 2022. The initiative aimed to reduce remittance costs and mitigate de-risking by improving AML/CFT compliance culture and developing regional electronic Know Your Customer facilities. Key achievements included contributing to Financial Action Task Force projects, recommending legislative reforms for New Zealand's AML/CFT framework, and laying the groundwork for enhanced financial inclusion across South Pacific island nations.
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