Briefs: BNZ wins out for online banking, Kiwi finance company defends money laundering charges, brok
NAB's Kiwi subsidiary BNZ has been named New Zealand Bank of the Year in Canstar's annual online banking report. Canstar NZ general manager Jose George said BNZ's new payment options and additional online banking functions were major factors in its win. BNZ this year added ApplePay and wearable digital payment options, as well as new online tools such as "drag and drop between accounts". An Auckland finance company, its owner and a staff member charged with money laundering offences have pleaded not guilty in an appearance in the High Court, reports Stuff. All have name suppression, but the charges relate to another case against Xiao Hua Gong, who was arrested in Canada in December last year over a $202 million pyramid scheme. Court documents said "complex or unusually large" deposits by, or on behalf of, Gong were going into bank accounts in China allegedly controlled by the finance company. The finance company made multiple transactions from multiple accounts and used false payment references, the documents said. After Consumer NZ told parliament's Finance and Expenditure Select Committee that commission payments to brokers should be banned or, at the very least, new rules introduced to prevent commissions and bonuses being linked to the amount a customer borrows, Kiwi mortgage brokers are pushing back. Katrina Shanks, CEO of Financial Advice New Zealand, told interest.co.nz it would be "imprudent" to overhaul the remuneration model for New Zealand advisers based on the outcomes of the Hayne royal commission across the Tasman.