Summary
- New Zealand First candidate and former police officer lost over $500,000 in a scam involving Kiwibank.
- The victims filed a complaint with the Reserve Bank, alleging Kiwibank harbored a fraudulent mule account.
- Kiwibank failed to carry out necessary due diligence or properly monitor the account as required by AML regulations.
- The victims also raised concerns about the Reserve Bank’s procedures for monitoring compliance with AML rules.