The purpose of the Anti-Money Laundering and Countering the Financing of Terrorism Act 2009 is to ensure businesses take appropriate measures to guard against money laundering and terrorism financing. This enhances the reputation of individual businesses, and New Zealand as a safe place in which to do business.
Scams are increasingly common and sophisticated. Bank customers need to be vigilant to ensure they don’t become a victim and lose money. We receive complaints from customers who have lost money to scammers and we investigate the circumstances of their cases to determine whether the customer or bank is liable for the losses.
We sometimes receive complaints involving the financial affairs and wishes of older family members.
Illness, injury, unemployment, a relationship breakup and over-commitment can put stress on a person’s financial situation. Whether you are an individual or a business, being unable to meet your repayments on a loan can be worrying.
From time to time people complain to us about a bank paying their rates arrears to the local council and then taking this sum from their account. This scenario affects property owners with a mortgage.
Banks have a legal duty to protect the confidentiality of existing and former customers. Banks also have obligations under the Privacy Act 1993. The Act has 12 privacy principles about personal information. In the banking context, these govern:
How long should your bank hold information about you? And what are your rights when you want information from your bank? The answers are in this guide, along with more on personal information kept by banks.