24 September 2025
Ref: OIA2526_31
Jose P
By email:
[FYI request #31867 email]
Dear Jose
Request for information about AML/CFT monitoring visits
Thank you for your Official Information Act 1982 (OIA) request of 3 August 2025, to the Reserve
Bank of New Zealand – Te Pūtea Matua (RBNZ), requesting:
For the period 1 July 2023 to 30 June 2024, and the period 1 July 2024 to 30 June 2025,
please provide the following broken down by type of financial institution (eg bank, insurer,
nbdt):
1. Number of feedback letters issued by the RBNZ fol owing a monitoring review
2. Number of findings detailed in the feedback letters issued
3. Number of monitoring visits that resulted in enforcement action being commenced
On 11 August 2025, we contacted you seeking clarification of your request. We confirmed that
currently on-site inspections are only conducted by RBNZ’s Anti-Money Laundering and
Countering Financing of Terrorism (AML/CFT) Supervision team under the AML/CFT Act. The
purpose of the on-site visits is to monitor levels of compliance with the AML/CFT Act by reporting
entities supervised by the RBNZ.
On 28 August 2025, you responded to us with the fol owing clarification:
Please limit your response to AML CFT monitoring visits.
Response
For the period 1 July 2023 to 30 June 2024
During the above period, the RBNZ conducted 7 on-site inspections of reporting entities under the
AML/CFT Act.1 These 7 inspections were conducted across 37 working days, during which the
RBNZ Supervision Team was present on-site at the reporting entities’ premises.
Number of feedback letters issued by the RBNZ fol owing a monitoring review
Reporting Entity Type
Preliminary Feedback
Final Feedback Letters
Letters Provided
(Reports) Provided
Life insurers
0
0
Ref #22918248 v1.8
Reporting Entity Type
Preliminary Feedback
Final Feedback Letters
Letters Provided
(Reports) Provided
Non-bank deposit takers
0
0
Banks
2
7
The RBNZ’s standard practice is to issue a feedback letter, in the form of a “final report”, following
any on-site inspection of a reporting entity. Beginning April 2024, the RBNZ also provides
reporting entities with a high-level “preliminary” feedback letter shortly after the on-site inspection.
Any preliminary feedback is subject to change fol owing further review and consideration by the
RBNZ during the preparation of the final report.
Number of findings detailed in the feedback letters issued
Reporting Entity Type2
Findings
Life insurers
0
Non-bank deposit takers
0
Banks
21
Number of monitoring visits that resulted in enforcement action being commenced
There have been no statutory enforcement actions commenced under the AML/CFT Act resulting
from findings from the monitoring visits noted above. Please note that the RBNZ may take
enforcement action for reasons other than monitoring visits (e.g. self-reporting of breaches by the
entity).
For the period 1 July 2024 to 30 June 2025
During the above period, the RBNZ conducted 4 on-site inspections of reporting entities under the
AML/CFT Act.1 These 4 inspections were conducted across 28 working days during which the
RBNZ Supervision Team was present on-site at the reporting entities’ premises.
Number of feedback letters issued by the RBNZ fol owing a monitoring review
Reporting Entity Type2
Preliminary Feedback
Final Feedback Letters
Letters Provided
(Reports) Provided
Life insurers
0
0
Non-bank deposit takers
1
1
Banks
3
3
Ref #22918248 v1.8
Number of findings detailed in the feedback letters issued
Reporting Entity Type2
Findings
Life insurers
0
Non-bank deposit takers
4
Banks
5
Number of monitoring visits that resulted in enforcement action being commenced
There have been no statutory enforcement actions commenced under the AML/CFT Act resulting
from findings from the monitoring visits noted above. Please note that the RBNZ may take
enforcement action for reasons other than monitoring visits (e.g. self-reporting of breaches by the
entity).
Notes:
1 In some cases, a single on-site inspection can relate to multiple reporting entities, where those
reporting entities are part of a designated business group.
2 Where an on-site inspection related to a designated business group, we have categorised this
according to the lead entity’s reporting entity type.
We hope you find this information helpful. If you have any concerns with this response, please feel
free to raise these with us. Alternatively, you are advised of your right to raise any concerns with
the Of ice of the Ombudsman. You can contact the Office of the Ombudsman on 0800 802 602 or
www.ombudsman.parliament.govt.nz.
Yours sincerely
Government Relations
Reserve Bank of New Zealand – Te Pūtea Matua
Ref #22918248 v1.8
Document Outline
