American banks operating in New Zealand are failing to meet the country's due diligence standards for identifying the true owners of corporate clients, according to an auditor in Auckland.
Global financial institutions are facing tougher anti-money laundering compliance exams from regulators in nations that have recently bolstered their laws, Bank Secrecy Act officers said Thursday.
A blacklist expected to be published next week by an intergovernmental watchdog group has compliance officers wondering which jurisdictions will be named and what sort of changes it will bring.
In other AML news this week, the New Zealand government passed an AML bill and the SEC said it has expanded its cooperation with foreign governments in securities fraud investigations.
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