AML warning

Friday, March 6th 2015, 10:24AM

JPMorgan Chase in New Zealand has been issued with a formal warning under the AML/CFT Act.

The Reserve Bank of New Zealand said it had issued the warning to JPMorgan Chase Bank, NA New Zealand Branch under section 80 of the Act.

As the supervisor of banks and other reporting entities for compliance with their AML/CFT obligations, the RBNZ has reasonable grounds to believe that for about four months in 2013, JPMNZ’s AML/CFT risk assessment did not fully meet all the requirements of section 58(3) of the Act.

“The Act requires a reporting entity’s AML/CFT programme to be based on its own risk assessment. As a result, a reporting entity’s risk assessment comprises the essential foundation of an adequate and effective AML/CFT programme.  The RBNZ expects the risk assessment of every reporting entity that it supervises to comply with section 58 of the Act. The RBNZ notes that since 2013 JPMNZ has taken the action that JPMNZ considers necessary to ensure that its risk assessment complies with section 58 of the Act.”

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