Articles tagged with Financial Crime
NZ Banks Gain Freedom to Share Fraud Data, Cutting Red Tape and Boosting Security
1 month 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 crimeNew Zealand Government Strengthens AML/CFT Regime to Combat Financial Crime
5 months ago | 862 viewsAssociate Justice Minister Nicole McKee today announced further steps in the Government’s overhaul of the AML/CFT regime, strengthening efforts to combat serious financial crime. “This Government is serious about targeting criminals, not tying up legitimate businesses in unnecessary red tape,” Mrs McKee says. “Cabinet has agreed to introduce a bill to strengthen enforcement powers for Police and regulators to crack down on those involved in money laundering.
Tags: Nicole McKee financial crime Police regulators financial sanctions crypto currencies Financial Intelligence Unit New Zealand businesses criminals.