The New Zealand Bankers’ Association says it’d like to see the Ministry of Justice, alongside the three anti-money laundering law enforcers, run a public awareness campaign to boost understanding of how anti-money laundering laws affect bank customers and the public in general.
Banker’s Association chief executive Kirk Hope said easing the restrictions would not be the end of the world and suggested loosening them from 10 percent to perhaps 15 percent might help flagging economic growth.
Commerce Commission
The New Zealand Bankers’ Association is encouraging people to get their money fighting fit during Money Week which runs from 13 to 19 October.
“Financial fitness is a lot like physical fitness. We know it’s good for us and can really improve our lives and how we feel, but sometimes it’s hard to take the first step. Money Week is all about helping us to take the plunge to manage our money better,” said New Zealand Bankers’ Association deputy chief executive Karen Scott-Howman.
“Banks across New Zealand are right behind Money Week because people who are financially well-informed make better money decisions. That’s good for banks and good for their customers.”
Banks are joining other organisations in supporting Money Week though a range of initiatives and events in communities and schools.
“So whether you’re looking for tips on day-to-day money management and budgeting, or savings and investment advice, there’s something for everyone.”
“Money Week is also a good time to book in for a financial fitness check-up. Your bank can offer you personalised advice about how to manage your money better. They’re more than happy to talk to you about your individual circumstances and how you can get to where you want to be,” Scott-Howman said.
Money Week is coordinated by the Commission for Financial Literacy and Retirement Income. More information is available at www.moneyweek.org.nz.
Bankers’ Association chief executive Kirk Hope said banks always recommended people protected themselves from online fraud by keeping their operating systems and security software up-to-date.
Bankers’ Association chief executive Kirk Hope said the banking sector understood that up to 30 per cent of sum-insured homes might be under-insured.
Financial Markets Authority
Banks have streamlined the lending process for apartment owners struggling to get loans for leaky building repairs.
Financial Markets Authority
Inland Revenue Department