Help with AML Rules

Hi, your call centre told me to come here. I want to speak to someone in your bank who deals with AML rules around opening bank accounts. We work with Asylum Seekers who are left destitute if they can’t open bank accounts. Can you please advise who I could talk to about this?

Hey, thanks for reaching out to us. What documents do they have? have you had a look at our Identification Requirements for opening a bank account on our website? -

yes the ID requirements are not the issue, it is the visa requirements your bank has.I would like to talk to someone in your AML policy team about your policies and see if there is anyway Asylum Seekers can fit under this policy. Maybe look to amend the policy of the bank if possible. Isit possible you could put me in touch with this department please?

AML/CFT Policy is written in legislation for all New Zealand Financial Institutions and casinos to detect and deter money laundering and terrorism financing. This would be a matter of discussing this with one of our onboarding team members in a BNZ branch by appointment, this is so we can better understand your needs and situation.

Jason, we have been to the branches many times and tried to open accounts. Sometimes with success, sometimes without. We need to talk to someone who works in policy, someone who makes decisions. I have spoken to both the DIA and RBNZ and on this issue it is individual banks who make their policy. Can you please put me in contact with someone in this department. In all respect this is not an individual matter for branch staff.

Good luck @timmaurice

I have also had this type of discussion with BNZ and it goes nowhere. Furthermore, the bank seemingly doesn’t care it may report back to the countries these people left, which is a scary prospect for them.

I would suggest you have a chat with ANZ who seem to be the bank of choice for many immigrants. No bank will change their minimum ID requirements but ANZ had a whole different attitude.

Thank you, we are having real trouble opening accounts. We are ok with the Identity requirements, it is the visa requirements we are having trouble with.

Hey @timmaurice, I’d like to look into this for you. Are you able to please private message me with all the details, including which branches you’ve tried to open these accounts in? Thanks :slight_smile:

Myself and my wife gave it another try at another branch yesterday and had a different experience this time around.
In the wider picture, this problem is not unique to New Zealand. Looking at what is happening overseas the banks in NZ will soon have competition on their doorstep from the Fintechs.