How new anti-money laundering law affects how you bank

Media Release – 1 July 2013

Banking Ombudsman Scheme launches new guide explaining how new anti-money laundering law affects how you bank

Changes to information banks are required to seek from customers are explained in a new Banking Ombudsman Scheme guide published today.

Banks are now legally obliged to detect and deter money laundering by the Anti-Money Laundering and Countering the Financing of Terrorism Act 2009 which came into force yesterday (30 June).

“Banks have been gearing up to be ready for the law change and we have already received a small number of enquiries and complaints from people who have noticed a change in information processing, particularly around identification and some overseas fund transfers.

“Our guide explains why banks have to be more stringent about customer identification and what people may now need to provide to satisfy new requirements,” says Banking Ombudsman Deborah Battell.

People with concerns should discuss them with their banking service provider in the first instance. The Banking Ombudsman Scheme can consider complaints a customer and its bank have been unable to resolve.

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BACKGROUND INFORMATION

What is the Banking Ombudsman Scheme?

The Banking Ombudsman Scheme is a free and independent service that can help people sort out unresolved problems with their banking service provider. The Scheme is run by Banking Ombudsman Deborah Battell and a small team of investigators and advisers.

The Banking Ombudsman Scheme is impartial. This means it does not advocate for either customers or banking service providers, and doesn’t take sides. Not all people who make a complaint will get the result they want but scheme investigators will take a fresh look at the facts. This means people will get a fair hearing - they will be listened to, and the relevant facts considered.

A complaint must go through a bank’s internal complaints process before it can be considered by the Banking Ombudsman Scheme.

Who can use the Banking Ombudsman Scheme?

Anyone can use the Banking Ombudsman Scheme as long as their banking service provider is a participant of the Scheme. Businesses, trusts, partnerships and clubs can use the scheme as well as individuals.

Who are Banking Ombudsman Scheme participants?

Scheme participants include banks, building societies, credit unions, finance companies and their subsidiaries. (https://www.bankomb.org.nz/about-us/scheme-participants).

How to make a complaint to the Banking Ombudsman Scheme?

Complaints can be made online through the website, or by email, Facebook, telephone, letter or fax. Give complaint details, including:
• what you think your banking service provider has done wrong
• how this has affected you financially and in any other ways
• what you want your provider to do about it.

The Banking Ombudsman has a Freephone for people wanting more information about whether or not the scheme can assist them. The number is: 0800 805 950 and office hours are 8.30am to 5pm Monday to Friday.

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