The High Court has ordered ASB Bank to pay $6.731 million for breaching anti-money laundering laws.

The penalty is the largest ever imposed by a New Zealand court under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009.

NZ Herald Wellington business editor Jenee Tibshraeny explained the case further - and whether it sets a precedent.

LISTEN ABOVE

The High Court has ordered ASB Bank to pay $6.731 million for breaching anti-money laundering laws.
The penalty is the largest ever imposed by a New Zealand court under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009.
NZ Herald Wellington business editor Jenee Tibshraeny explained the case further - and whether it sets a precedent.
LISTEN ABOVE

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

Best of Business

Jenee Tibshraeny: NZ Herald Wellington business editor on ASB being ordered to pay $6.731 million for breaching anti-money laundering laws

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/6cd363ca-ab9e-4112-9103-b465007d93d8/transcript

The cost of hiring the wrong person is racking up for employers, despite a large number of applicants.  

New Seek data estimates small and medium sized businesses lose more than $900 million a year from bad hires.  

Small Business NZ founder Phil Wicks told Francesca Rudkin the quality of applicants seems to be slowly declining.  

He says often in the trades, it's hard to find the right person, and yet the industry's under immense pressure to find people quickly. 

LISTEN ABOVE 

The cost of hiring the wrong person is racking up for employers, despite a large number of applicants. &nbsp;
New Seek data estimates small and medium sized businesses lose more than $900 million a year from bad hires. &nbsp;
Small Business NZ founder Phil Wicks told Francesca Rudkin the quality of applicants seems to be slowly declining. &nbsp;
He says often in the trades, it's hard to find the right person, and yet the industry's under immense pressure to find people quickly.&nbsp;
LISTEN ABOVE&nbsp;

Phil Wicks: Small Business NZ Founder on the cost of businesses hiring the wrong staff

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/af234f3a-a29b-4b1d-b643-b46501821064/transcript

Experts are warning investors to brace for a 'choppy' market in the tech sector.

Some of the US's leading chip companies have been getting some extra attention on them, as the market looks set to change. 

Milford Asset Management's Jeremy Hutton explained further.

LISTEN ABOVE

Experts are warning investors to brace for a 'choppy' market in the tech sector.
Some of the US's leading chip companies have been getting some extra attention on them, as the market looks set to change.&nbsp;
Milford Asset Management's Jeremy Hutton explained further.
LISTEN ABOVE

Jeremy Hutton: Milford Asset Management expert on the 'choppy' markets incoming for tech sector

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/788cd559-3e55-4fcb-b55b-b465007c56ff/transcript

Tough economic conditions over the past six years have taken a toll on the survival rate of small and medium-sized businesses, but franchises appear to have fared better.

International data supplied by the Franchise Association of New Zealand (FANZ) indicates about 75 to 85 percent of franchises were still operating after five years, compared with about half of independent small businesses.

Franchise Association of New Zealand CEO Katrina King says business is tough for everyone in this climate, but some sectors have been able to hold on. 

"I think with franchising, because of the breadth of industry and because it is in every part of New Zealand - there's going to be resilience." 

LISTEN ABOVE

Tough economic conditions over the past six years have taken a toll on the survival rate of small and medium-sized businesses, but franchises appear to have fared better.
International data supplied by the Franchise Association of New Zealand (FANZ) indicates about 75 to 85 percent of franchises were still operating after five years, compared with about half of independent small businesses.
Franchise Association of New Zealand CEO Katrina King says business is tough for everyone in this climate, but some sectors have been able to hold on.&nbsp;
"I think with franchising, because of the breadth of industry and because it is in every part of New Zealand - there's going to be resilience."&nbsp;
LISTEN ABOVE

Katrina King: Franchise Association of New Zealand CEO on what current economic conditions mean for businesses

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/5325fa7e-95ef-4f48-af3a-b4650073f555/transcript

Jenee Tibshraeny: NZ Herald Wellington business editor on ASB being ordered to pay $6.731 million for breaching anti-money laundering laws

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