On 11 April 2018, the Reserve Bank published a consultation document on its approach to allowing overseas banks to use restricted words (such as “bank” and “banking”) in New Zealand without being registered here as a bank.
On 29 March 2018, the Reserve Bank published updated versions of its working copies of the disclosure Orders in Council, to incorporate the changes that take effect from 31 March. A number of other web page changes were made at the same time, to reflect the fact that off-quarter disclosure statements are no longer required.
The NZ Police Financial Intelligence Unit has published a National Money Laundering and Terrorism Financing Risk Assessment (‘NRA’) in March 2018. The NRA sets out the current understanding of the national-level risks of illicit financing in New Zealand.
Non-bank Deposit Taker licence cancelled
Fisher & Paykel Finance Limited has requested that the Reserve Bank of New Zealand (RBNZ) cancel its licence to be a non-bank deposit taker (NBDT) granted under the Non-Bank Deposit Takers Act 2013. RBNZ is satisfied that Fisher & Paykel Finance Limited is no longer making NBDT regulated offers of debt securities and no longer has debt securities that remain unpaid that were offered under an NBDT regulated offer. Having satisfied itself of these matters, RBNZ gives notice that the NBDT licence granted to Fisher & Paykel Finance Limited on 19 December 2014 was cancelled on 16 March 2018 under section 21(h) of the Non-bank Deposit Takers Act 2013.