Stuff in its 5th August edition reported that the bank processed a payment “identified to be for oil originating from Iran” breaching its own Economic and Trade Sanctions Policy in 2017, and in early 2018 a second payment involving Iran was processed by the bank, which a top bank executive described as a “huge operational risk”. This is said not the only time the Bank of New Zealand had breached its own sanctions policies. The news come from a leaked National Australia Bank (NAB) Group Chief Risk Officer report, which outline risks the bank and its New Zealand subsidiary face. New Zealand had lifted its sanctions against Iran in February 2016, after the UN lifted international sanctions against Iran, which had once been New Zealand’s fifth-largest trading partner, but the US had imposed unilateral sanctions on Iran, and could take action against banks which breached them.
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