Kiwibank chief executive Sam Knowles is concerned proposed money laundering laws will stifle competition among New Zealand's banks.
The Ministry of Justice is considering submissions on proposals to toughen up legislation dealing with identification requirements and reporting of transactions.
The proposals are intended to bring New Zealand law into line with 40 recommendations from the international Financial Action Task Force which aim to tackle money laundering and the financing of international terrorism.
Mr Knowles said the Government's proposed regime would favour the established banking heavyweights, who were defending their market share against challengers such as Kiwibank, The New Zealand Herald reported today.
"Our concern is that, certainly in some of the money laundering areas, that will push up the identification requirements, making it harder to do transactions and open accounts and over time that increases the barriers to switching," Mr Knowles said.
He estimated the type of payments the Government was trying to capture was a tiny percentage of the total, and did not merit the "highly expensive processes" being suggested.
http://www.stuff.co.nz/3903730a13.html
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