The TIC Company
The Reserve Bank of New Zealand (RBNZ) has issued a formal warning to the Bank of New Zealand (BNZ) for failures in prescribed transaction reporting (PTRs). BNZ’s PTR systems incorrectly identified locations where physical domestic cash transactions occurred, over 50,000 transactions between November 2018 and April 2020.
BNZ self-reported the issue to RBNZ and have fully cooperated with the investigation and resolution process.
Deputy Governor of the RBNZ, Christian Hawkesby, has said “The PTR regime is important for building an intelligence picture across New Zealand’s financial system. Unfortunately, these coding errors compromised the quality of the information held by the FIU. We note that BNZ self-reported this issue to us, and has worked hard to remediate the issue and provide the FIU with the corrected information. BNZ’s ongoing cooperation is appreciated.”
Filing PTRs assists the FIU in building their intelligence pictures and taking action where wrongdoing is identified. It is important that all reporting entities that have obligations to file PTRs do so, as each PTR adds further detail to that intelligence picture that the FIU are continually building.
It is a timely reminder that all systems used for AML/CFT compliance should be tested and reviewed on a regular basis, to ensure that errors are resolved. This includes ensuring that the right people have access to reporting systems such as goAML, and how transactions that require PTR filing are identified and filed with the FIU.
Here at tic company, we believe in testing and reviewing your AML/CFT compliance on a regular basis. We offer quality assurance and consulting services to assist you in achieving an AML/CFT system that is the best fit for your business. We can also help your business in compliance uplift and remediation - contact us for further information.