The purpose of the Anti-Money Laundering and Countering the Financing of Terrorism Act 2009 is to ensure businesses take appropriate measures to guard against money laundering and terrorism financing. This enhances the reputation of individual businesses, and New Zealand as a safe place in which to do business.
Scams are increasingly common and sophisticated. Bank customers need to be vigilant to ensure they don’t become a victim and lose money. We receive complaints from customers who have lost money to scammers and we investigate the circumstances of their cases to determine whether the customer or bank is liable for the losses.
We sometimes receive complaints involving the financial affairs and wishes of older family members.
Illness, injury, unemployment, a relationship breakup and over-commitment can put stress on a person’s financial situation. Whether you are an individual or a business, being unable to meet your repayments on a loan can be worrying.
From time to time people complain to us about a bank paying their rates arrears to the local council and then taking this sum from their account. This scenario affects property owners with a mortgage.
Confidentiality is a cornerstone of the bank-customer relationship. The Code of Banking Practice says banks “have a strict duty to protect the confidentiality of all our Customers’ and former Customers’ affairs”. This is known as a bank’s duty of confidence.
Banks hold a lot of information about their customers. This guide covers how long banks are required to keep different types of information, and your rights when requesting information from your bank.