RBNZ offers guidance on money laundering crack-down
Financial institutions in New Zealand will be forced to introduce more stringent identity checks for their customers after the Reserve Bank of New Zealand (RBNZ) took steps to beef-up its anti-money laundering strategy.
The RBNZ on Thursday issued an Identity Verification Code of Practice to all reporting entities supervised by the central bank, the Financial Markets Authority and the Department of Internal Affairs.
The Anti-Money Laundering and Countering Financing of Terrorism Act 2009, which
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