Articles tagged with Banks
NZ Banks Gain Freedom to Share Fraud Data, Cutting Red Tape and Boosting Security
4 weeks ago | 135 viewsAssociate Justice Minister Nicole McKee has introduced a ministerial exemption to the AML/CFT Act 2009, allowing banks to share anti-money laundering information to better prevent fraud and scams. This reduction in red tape enables banks to act faster and collaborate more effectively to freeze scam transfers before funds are lost overseas. The government aims to create more agile regulatory settings by freeing businesses from excessive compliance burdens while targeting actual financial criminals through wider AML/CFT reforms.
Tags: Nicole McKee Associate Justice Minister New Zealand fraud prevention scams banks regulatory reform financial crimeReserve Bank Eases Lending Rules to Boost First-Home Buyers from December
1 month ago | 177 viewsThe Reserve Bank is easing Loan-to-Value Ratio (LVR) restrictions, allowing commercial banks to increase lending to home buyers with smaller deposits from 20% to 25%, benefiting mainly first-home buyers. Additionally, lending to property investors with deposits under 30% will rise from 5% to 10%, reflecting increased banking system resilience due to prior debt-to-income restrictions. Finance Minister Nicola Willis welcomes these changes, which take effect on December 1, as they improve opportunities for young families to enter the housing market.
Tags: Nicola Willis Reserve Bank LVR restrictions commercial banks DTI restrictions property investors home loansChris Seed Named New Zealand Ambassador to the United States, Succeeding Rosemary Banks
4 months ago | 655 viewsChris Seed has been appointed as New Zealand's next Ambassador to the United States, with Foreign Minister Winston Peters emphasizing the importance of the strategic partnership between the two countries. Seed, a highly experienced diplomat who previously served as Secretary of Foreign Affairs and Trade, is seen as well-suited for the role. He will succeed Rosemary Banks, who is completing her second term and is praised for her distinguished diplomatic career and contributions to the critical bilateral relationship with the US.
Tags: Winston Peters Chris Seed New Zealand United States Washington DC Rosemary Banks Ambassador Foreign Minister Diplomat Strategic PartnershipSimplified Process: New Reforms Make Opening Bank Accounts for Children Easier
5 months ago | 1131 viewsAssociate Justice Minister Nicole McKee is making changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act that will make it easier for parents to open bank accounts for their children. “Opening a bank account for children should be a simple and positive step toward teaching them the value of saving. Unfortunately, regulations designed to prevent serious crimes can make the process unnecessarily difficult,” says Mrs McKee.
Tags: Nicole McKee Minister bank accounts children regulations reforms banks New Zealanders red tape