The Co-operative Bank response following release of AML/CFT proceeding judgment

The Co-operative Bank will pay a penalty of $1.425m, in line with the High Court’s judgment relating to its previously acknowledged historical breaches of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT).

The proceeding concerned compliance issues from past practices that related to the Bank’s transaction monitoring programme, including assurance over that programme and its record keeping. There were no allegations that the Bank was involved in money laundering, terrorist financing or any other criminal activity, or that the non-compliance resulted in adverse customer impacts.

The Bank previously acknowledged and accepted responsibility for these breaches and has worked constructively with both the Reserve Bank of New Zealand and now the Department of Internal Affairs as New Zealand’s sole AML supervisor from 1 July 2026.

We have uplifted our capability, resources and systems to enable a strong and ongoing commitment to compliance.