Term Deposit and AML ompliance


#1

Repeating my comment from April 2016 that never got an answer.

Frustration that when statement makes a Term Deposit payment it does not say who it comes from. As minimum would expect ‘Name of other party’ to contain meaningfull information to Customer such as " BNZ TD". All other Interest and Dividend payers (eg Vector, Westpac Bonds etc) seem to conform to this Banking standard to provide a name, whereas BNZ doesn’t.

Would have thought the Anti Money Laundering Legislation would require a valid institutions name. Is the BNZ compliant with AML rules.

John


#2

You think the legislation says something (no citation) and then ask whether the bank is compliant with what you think it says…?