Finance and Expenditure Committee (more…)

Finance and Expenditure Committee (more…)

Council of Financial Regulators (more…)

“The law aims to stop people trying to disguise the origin of criminal profits, such as drug trafficking or fraud,” he said. “Under the law, there are rules about verifying the source of the funds, and the identity of the person paying and the recipient.

“There are several options that banks may offer in providing assistance to these customers, depending on their particular circumstances. That may, for example, include temporarily moving to interest-only repayments or suspending all repayments.”

External Reporting Board (more…)

The good news is that the New Zealand Banking Association is introducing new protections by November. Changes include banks being required to reimburse fraud victims up to $500,000 if they meet certain criteria, and new technology to identify risky or unusual customer transactions.

Financial Markets Authority (more…)

“Currently any minor breach in a disclosure document, such as a wrong address, for the years 2015 to 2019 may require a full refund of interest and fees. That is not fair or proportionate compensation for customers who may not have suffered any material impact to their finances.”

“We believe the change proposed in the amendment bill is fair as it simply tidies up the existing legislation to ensure that all breaches from 2015 to 2019 are treated the same as those currently.”