These entities are not registered banks under the Banking (Prudential Supervision) Act 1989, nor are they prudentially supervised by the Reserve Bank of New Zealand or any other New Zealand authority.
The Māori Central Bank of Aotearoa does not have any central banking functions under New Zealand law. The Reserve Bank of New Zealand acts as the central bank for New Zealand as provided for under the Reserve Bank of New Zealand Act 2021.
Use of the word ‘bank’ in the names ‘Māori Central Bank of Aotearoa’, ‘Sovereign Global Bank of Aotearoa’, and ‘Māori Private Bank’ has not been authorised by the Reserve Bank of New Zealand.
The Financial Markets Authority (FMA) has also issued a warning regarding ‘Sovereign Global Bank of Aotearoa’.