A statement of fact agreed by the TSB and the Reserve Bank has been filed with the High Court.
The latter seeks fines for TSBs:
- “Lack of adequate and effective procedures, guidelines and controls to monitor and manage compliance with the AML / CFT program”
- Failure to review and maintain the AML / CFT program
- Failure to conduct a risk assessment related to real estate operations
- and failure to take into account certain countries that it is addressing in the review of its 2017 risk assessment.
TSB chairman John Kelly told Newshub that the violations took place between 2013 and 2019.
“TSB acknowledges that there are some areas of AML / CFT compliance that need to be addressed and there has been an extensive work program in place as of 2019 to make that happen,” he said.
“TSB is committed to raising the bar for risk maturity and compliance management and setting a higher standard in the future. We are extremely pleased with the progress made. We still have a lot to do, but we have now stronger foundations. ” on which we will continue to build. “
Managing Director Donna Cooper said the bank had “increased our risk and compliance maturity” over the past two years.
“We have invested in ensuring we have the strong expertise, skills and capacity in our business teams to achieve this. As a result, we have made significant strides in building the right culture and supporting programs and tools that work in can be provided in this area. “
“We will continue to strive for improvement as we are committed to delivering great results to our customers, communities and New Zealand.”
Neither TSB nor the Reserve Bank would comment further, saying that the matter is now on trial.
