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Financials

New Zealand c.bank warns Westpac over breach of anti-money laundering laws

Aug 11 (Reuters) - The New Zealand central bank on Wednesday issued a formal warning to Westpac Banking Corp’s local unit for failing to report almost 8,000 transactions as required by anti-money laundering and counter-terrorism laws.

The warning comes as the bank releases findings from a review of New Zealand-based lenders, which was undertaken after Australia’s financial crime agency in 2019 accused Westpac of enabling millions of payments to people exploiting children. (Reporting by Shashwat Awasthi; Editing by Shailesh Kuber)

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