AML/CFT warning for safe deposit box supplier
The Department of Internal Affairs says it has issued a formal warning under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 to Customhouse Safe Deposits Ltd.
It says the company trades as Commonwealth Vault, is the largest safe deposit provider in New Zealand and trades in gold and silver bullion.
The department says it is not alleged that CSDL was involved in money laundering or the financing of terrorism.
The formal warning was issued on 24 June 2019 for failing to meet AML/CFT Act requirements including failing to conduct customer due diligence and failing to adequately monitor accounts and transactions, failing to keep records, and failing to establish, implement or maintain an AML/CFT programme.
Mr Stone says the department required CSDL to take immediate action to rectify all areas where it was non-compliant with its AML/CFT obligations. It will continue to monitor CSDL and consider further enforcement action if it engages in conduct that does not comply with the AML/CFT Act.
Since the Act came into force on 30 June 2013, the department has issued 30 formal warnings.
Last updated on the 16th September 2019