Author: Philip vanDyk

NZ Bankers Association chief executive Karen Scott-Howman said she welcomed the arrival of the CCB. “Basically the branch license allows a lot more wholesale lending to take place,” she said.

New Zealand Bankers’ Association chief executive Karen Scott-Howman said anti-money laundering laws were one of the main reasons that banks struggled with cryptocurrencies.

“From the outset of the review we’ve said that nothing in the new code of banking practice is intended to reduce customers’ existing rights,” a spokesman said.

Spokesman Philip van Dyk clarified on Friday that it had decided it only made sense to release them “once we’ve finalised the code and responded to submitters. That way it’s clear how we’ve responded to submissions in the revised code,” he said.

“Adopting principles, rather than prescriptive rules, means banks will have to think carefully about how they’re meeting those customer commitments. That’s quite different from what’s required in Australia.”

“It’s still early days, and we’d expect to see this technology continue to evolve in line with greater demand from merchants and consumers.”