Understanding what Sanctions are
Economic and trade sanctions (known as Sanctions) place restrictions on trade and financial institutions to:
- Encourage a change in the behaviour of a country or regime. This includes discouraging human rights abuses, combatting international narcotics trafficking, the harbouring of international criminals or nuclear testing.
- Deter the financing of terrorists and terrorist acts.
- Support enforcement when international peace or national security has been threatened and diplomatic efforts have failed.
- Manage other threats to the national security, foreign policy or economy of certain jurisdictions.
Sanctions may apply to:
- Regions or entire countries.
- Individuals or organisations.
- Specific products or industries.
Sanctions can include international controls or prohibitions on
- Diplomatic relations.
- Trade.
- Travel and financial transactions targeting individuals or entities.
- Freezing of overseas assets.
- Goods and services.
Our commitment with Sanctions
We're committed to ensuring that Kiwibank complies with the applicable Sanctions laws and guidelines. Our policy is designed to address the requirements of Sanctions laws and Sanctions guidelines in force in New Zealand and overseas, including Sanctions administered by:
- New Zealand (Ministry of Foreign Affairs and Trade).
- The United Nations Security Council.
- The European Union.
- United States (Office of Foreign Assets Control).
- United Kingdom (Office of Financial Sanctions Implementation).
- Australia (Department of Foreign Affairs and Trade).
How Sanctions may affect you
As part of our compliance with Sanctions requirements, we screen our customers and transactions to ensure we're not doing business with, for, on behalf of or for the benefit of countries, entities or individuals that are subject to Sanctions regimes in New Zealand or internationally.
We may ask you to provide further information in relation to a particular transaction or business relationship, and in some cases the transaction may be rejected, or the business relationship terminated if there is a risk that it will breach Sanctions laws and Sanctions guidelines.
Jurisdictions we consider prohibited
There are some jurisdictions that we consider prohibited and will not facilitate any transaction or engage in any business relationship either directly or indirectly with:
- Cuba.
- Iran.
- North Korea.
- Russia.
- Syria.
- Disputed and occupied regions of Ukraine, including but not limited to Crimea, Donetsk and Luhansk.
In addition, we have restrictions against certain activity involving Afghanistan and Belarus.
Sanctions are often implemented or changed at short notice as a result of a significant event, for example an act of terrorism. As such, the above list of countries or regions that are currently prohibited may change without notice.
This web page is solely for information purposes and is not a comprehensive statement of Kiwibank’s Sanctions Policy.
Kiwibank cannot provide advice on which transactions can or cannot be processed in accordance with applicable Sanctions laws.
Customers must seek their own legal advice before undertaking any transactions or engaging in a business relationship that may be impacted by Sanctions.