Tales of Insanity from NZs Anti-Money Laundering Legislation. I.

This is the start of an occasional series evidencing the intrusive and wasteful insanity of New Zealand’s anti-money laundering legislation.

The quick context of the below copy and paste is it was a reply to a comment from an ATAINZ member about his problems now trying to request client bank statements from their bank.

Mark Hubbard It will be part of this ludicrous AML legislation stuffing everything up and adding layers and layers of cost and inconvenience. They’ve gone to full overkill in every way possible, and it’s impossible to predict how it’s going to inconvenience you. We had a big payment going out of our bank today to pay for a holiday in April. Pauline loaded it up weeks ago but found out via a homepage warning on internet banking that it wasn’t going to go through due to being over the banks daily limit under its AML guidelines of $30k daily: so Pauline had to ring, was interrogated for about 15 minutes on why the money was going out and the details of our goddamned holiday. It was a total waste of our time and the banks. We had plenty of money with that bank (BNZ) to cover it. It was our bloody money and our bloody holiday and no business of any bank staffer. Worse, luckily Pauline went into the bank today (online), we don’t always, otherwise the holiday carrier, APT, wouldn’t have been paid because no one from the bank was ever going to ring us to clear the payment – that last one is woeful (what if we’d been settling on a house). So now we need to check on every payment over $30k. I’m so over all this rot.

 

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