Month: May 2013

NZ banks spend $90m on ‘dirty money’ law

New Zealand’s banking sector has spent roughly $90 million getting ready for a new anti-money laundering and terrorism financing law which kicks in at the end of next month.

New Zealand appointment to BIAC welcomed

The New Zealand Bankers’ Association today welcomed the election of Business NZ chief executive Phil O’Reilly as chair of the OECD’s Business and Industry Advisory Council (BIAC). “It’s great that New Zealand has been recognised in this way, and to see this international group getting the benefit of Phil O’Reilly’s leadership and talent as a… Read more »

Budget 2013: Brand new housing deal looks shaky

Bankers Association chief executive Kirk Hope said banks could live with a differential for first-home buyers, but any restrictions on bank lending might simply drive home buyers to more risky unregulated lenders.

Budget hits the right notes

The government continues to guide the economy in the right direction said the New Zealand Bankers’ Association today in response to Budget 2013. “The government’s prudent fiscal approach to the economy, underpinned by our strong and stable banking sector, is crucial to our continuing economic momentum in a still fragile global economy,” said New Zealand… Read more »

Banks want more ID to fight crime

Chief executive Kirk Hope said, “We all have a role to play in the new anti-money laundering regime … This is about New Zealand’s international reputation and fighting crime.”

Cracking down on money laundering to combat serious crime

Cracking down on money laundering is part of a global response to serious crime and terrorism. New Zealand banks are playing their part by implementing a new law which comes into force on 30 June 2013. Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 all New Zealand banks have additional obligations to… Read more »

Property surging outside Auckland

Chief executive Kirk Hope said house prices were not being spurred along by looser credit conditions as the Reserve Bank claimed. Credit growth was running at about 3 per cent. “This isn’t a credit-driven price issue, it’s a supply-driven price issue,” he said.