The Co-operative Bank acknowledges breaches of anti-money laundering requirements
The Reserve Bank says it has filed civil court proceedings against The Co-operative Bank in Wellington High Court under the AML/CFT Act over three breaches dating back to at least 2020. The regulator alleges failures in transaction monitoring operation, assurance, and required record-keeping, leading to missed identification of higher-risk customers and transactions. The bank admitted liability; both parties will jointly recommend a $1.425 million penalty.