Banks "De-Risking", New Zealand money remittance in btc halted.

[chessnut]

http://www.rbnz.govt.nz/news/2015/6004856.html

https://bitnz.com/ will no longer be able to process NZD due to fears of terrorism funding and international risk trends turning.

[bitowl]

kiwis were always a bunch of fruits anyway

[jasonjm]

buy gold, buy bitcoin, do not leave your money with the banksters, as the next crash will have bail ins.

[gentlemand]

There's no mention of Bitcoin anywhere in the article and the government is framing it as a problem, not a decision of theirs.

[Wilhelm]

buy gold, buy bitcoin, do not leave your money with the banksters, as the next crash will have bail ins.

banksters manipulate the price of precious metals too. the only thing an average guy can hold is his dick real value in nowadays is beanie babies.

FIFY

[spud21]

The Reserve Bank of New Zealand opposes blanket de-risking of money remitters. That article doesn't specifically mention Bitcoin or Bitcoin exchanges, but the tone of the article suggests the Reserve Bank of New Zealand expects banks to use other techniques to comply with their AML/CFT obligations, not blanket de-risk all exchanges by refusing them bank services.

http://www.rbnz.govt.nz/news/2015/6004856.html

The recent New Zealand experience reflects an international banking trend known as “de-risking”. The Reserve Bank recognises that banks’ reasons for de-risking are varied, including concerns about profitability and reputational risk, and requirements imposed by international correspondent banks.

Money remitters present varying degrees of risk. The Reserve Bank considers that banks’ obligations under the AML/CFT Act require measured risk management and do not justify blanket de-risking. With appropriate systems and controls in place, banks should be able to manage and mitigate the money laundering and terrorism financing risks posed by many money remitters. If banks are de-risking to avoid rather than manage and mitigate those risks, then that would be inconsistent with the intended effect of the AML/CFT Act. It seems unlikely, but if banks are using blanket de-risking itself as a procedure to manage and mitigate those risks, then the Reserve Bank would consider that an inadequate means of complying with their obligations under the AML/CFT Act.

[chessnut]

The Reserve Bank of New Zealand opposes blanket de-risking of money remitters. That article doesn't specifically mention Bitcoin or Bitcoin exchanges, but the tone of the article suggests the Reserve Bank of New Zealand expects banks to use other techniques to comply with their AML/CFT obligations, not blanket de-risk all exchanges by refusing them bank services.

http://www.rbnz.govt.nz/news/2015/6004856.html

The recent New Zealand experience reflects an international banking trend known as “de-risking”. The Reserve Bank recognises that banks’ reasons for de-risking are varied, including concerns about profitability and reputational risk, and requirements imposed by international correspondent banks.

Money remitters present varying degrees of risk. The Reserve Bank considers that banks’ obligations under the AML/CFT Act require measured risk management and do not justify blanket de-risking. With appropriate systems and controls in place, banks should be able to manage and mitigate the money laundering and terrorism financing risks posed by many money remitters. If banks are de-risking to avoid rather than manage and mitigate those risks, then that would be inconsistent with the intended effect of the AML/CFT Act. It seems unlikely, but if banks are using blanket de-risking itself as a procedure to manage and mitigate those risks, then the Reserve Bank would consider that an inadequate means of complying with their obligations under the AML/CFT Act.

There is only one bitcoin exchange in NZ, they have received this notice to halt remittances in NZD.

[Zelek Uther]

This is a shock for Bitcoiners in New Zealand.

The on- and off-ramp from bitcoin to NZD just got more difficult, also finding the price of bitcoin in NZD.

I'm very disappointed.

[Meuh6879]

New Zealand have terrorist ?  It's a joke ? ... Isle is like the isle of LOST series !  very tiny with all residential have helicopter 

[talks_cheep]

Bitcoin to $1Million!!!!





/sarsasm

[Meuh6879]

[r0ach]

Did anyone notice the date this happened was several months ago?  Is the original poster trying to make his short work? lol

[nzminer]

I never realised that this exchange had been essentially shut down due to the reserve bank!

It obviously shows that our banks are very scared about the impact of bitcoin and they are trying to use everything within their power to stop bitcoin and/or crypto from being traded here.

Ive spoken to the owner of the exchange and basically the RB dont like his activity, but cant even give a valid reason. 

[Dassi]

That's because banks are planning to go digital as well, but this time they'll use digital fiat not crypto.
They will prefer to do away with crypto.

[JimboToronto]

That's because banks are planning to go digital as well, but this time they'll use digital fiat not crypto.
They will prefer to do away with crypto.

What? They don't prefer a decentralized open-source peer-to-peer network? I wonder why?

 

[zby]

A news thread like this, when resurrected is very misleading. This happened a year ago!

[nzminer]

A news thread like this when resurrected is very misleading. This happened a year ago!

Yes, but I only just learned about it!

Mainly due to the fact that I dont need to buy BTC often and inly discovered this when logging into bitnz...