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The Fiducia team's latest views on AML/CFT in New Zealand

New Zealand Business, Money Laundering Risks, Money Remitters/ 2017-06-21T11:39:08+00:00 May 5th, 2016|

Banks’ De-Risking Strategies Pushing Threats Underground

A global expert on international money remittances, Dr Ismail Ahmed, says that “New Zealand de-risking was far bigger than anything we’ve seen elsewhere in the world”.

De-risking refers to a policy currently being adopted by banks in New Zealand, Australia, and elsewhere in the world. Instead of assessing the money laundering risks posed by a customer on a case by case basis, banks will refuse to accept whole industries of customers. The industry that is currently subject to blanket de-risking is the money remittance industry.

In this interview, Dr Ismail outlines why this is a problem, and suggests what can be done about it.

 

 

Fiducia assists money remitters and banks to manage and mitigate money laundering risks together. Contact information@fiducia.co.nz for a no-obligation consultation.

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