THE ANZ Bank – one of the largest of four commercial banks in Solomon Islands – has clarified its position in relation to an article published by the Solomon Star on Tuesday 20th this week
“ANZ would like to bring to the attention of Solomon Star Management that the statement made in relation to ANZ Bank in the below article that was published Tuesday 20 August 2024 is factually incorrect and we would like Solomon Star to issue a retraction of this,” the bank said in an email yesterday.
When pressed to clarify what is “factually incorrect” in the report published by Solomon Star, ANZ said the $500 threshold limit which requires depositors to disclose the reason for the transfer and the source of funds (sof) does not apply to its customers.
It is understood ANZ has thresholds on certain transactions, but not on the $500 limit mentioned in our story. The ANZ considers the amount of $500 limit to be too small.
On the other hand, BSP, which began enforcing the new requirements said the bank requires certain information on transfers of amounts upwards of $500. Customers are required to disclose the reason for the transfer as well as the source of funds.
BSP said the reason for its action is to rein in on huge amounts of money flooding the domestic market in recent months. This, the BSP fears, could amount to money laundering activities, if it is not closely monitored.
By Alfred Sasako
