What other banks say

BNZ

The BNZ ‘‘may’’ decline to bank businesses engaged in: prostitution and brothel-keeping; payday and fringe lenders; tobacco manufacturers and producers; businesses involved in illegal activities or unethical labour practices; weapons manufacturers subject to international prohibitions and nuclear-related companies.

When customers applied for accounts and services, bank staff could red-flag them. These cases were ‘‘escalated’’ to one of a number of internal riskmanagement committees.

WESTPAC

‘‘There are some parties that we don’t bank,’’ Westpac said. ‘‘These currently include payday lenders and people who are cryptocurrency traders.’’

‘‘Westpac takes its environmental and social responsibilities seriously and will not lend where that may cause unacceptable environmental or social harm. More generally, we will not provide services that may enable customers to breach the law or an overseas sanctions regime.’’

Staff are expected to raise suspicions. ‘‘Where there is doubt, Westpac has well-established escalation and governance processes to ensure these matters are considered at a senior level.’’

ASB

The bank avoided people and businesses carrying out ‘‘activities that are against the law’’, or activities that ‘‘are susceptible to being used by criminals for the purpose of laundering of criminal proceeds.’’ These included money transfer services businesses.

ANZ

‘‘We won’t bank people or entities on designated terrorist lists or those known to be involved in illegal activities,’’ the bank said.

‘‘We are also cautious of companies started in countries where ownership information disclosure is unclear, as they challenge our ability to effectively manage our anti-money laundering responsibilities.’’

People the bank believed posed a ‘‘fraud risk’’ were also turned away.

And, it said, ‘‘some businesses don’t align with ANZ’s values’’.

‘‘Where these are identified, steps are taken to prevent relationships being established or exit existing customers where possible. For instance, we don’t bank mobile truck traders.’’

When a potential, or existing customer, is red-flagged, the bank also had concerns about the risk to its own reputation.

‘‘If there’s ever any doubt, the issue is escalated to more senior staff and ultimately the reputation risk committee.’’