ASB Bank fined $3.84m for 7 AML breaches

The bank admitted to seven breaches of AML/CFT rules.

ASB Bank Limited has been fined $3.84m (NZ$6.731m) for seven breaches of the anti-money laundering and countering financing of terrorism (AML/CFT) Act 2009.

The New Zealand-based bank’s transaction monitoring system and AML/CFT programme were inadequate for approximately six years, according to the Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ).

The central bank welcomed the court’s decision to penalize ASB Bank.

“Non-compliance with transaction monitoring and reporting requirements denies New Zealand intelligence agencies crucial time-sensitive information that is needed to detect and deter money laundering and terrorism financing from impacting New Zealand communities,” said Angus McGregor, Acting Assistant Governor Financial Stability.

The RBNZ commenced proceedings against ASB in December 2025 following an investigation.

ASB cooperated with the investigation, the central bank said.

(US$ 1 = NZ$ 1.75)