New Zealand Bankers’ Association chief executive Kirk Hope said: “Banks take their obligations under the act very seriously.
“We’re aware that one of the consequences of banks implementing the law is that some customers providing money remittance services have had their accounts closed.”

“As we have raised previously in discussions with you, the Code is not drafted in plain language despite the fact that the Code itself requires lenders to provide documentation drafted in plain language to assist customers,” NZBA says in its submission.

Financial Markets Authority