Reported by RNZ

The Reserve Bank has issued a formal warning to the New Zealand branch of Citibank under anti-money laundering and counter terrorism financing laws.

The warning relates to wire transfer identity requirements under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009.

Citibank is one of the world’s largest banks and is headquartered in New York.

The Reserve Bank said Citibank NZ failed to provide appropriate originator information, obtained in its role as an intermediary institution in international wire transfers.

The transactions took place between January 2017 and July 2020, and between November 2021 and April 2022.

Read full report: https://www.rnz.co.nz/news/business/504723/citibank-nz-issued-formal-warning-over-anti-money-laundering-rule-failures