In one of its first acts since its swearing in, New Zealand’s new National-led coalition government has amended the remit of the RBNZ’s monetary policy committee, removing the ‘dual mandate’ introduced by the former Labour government. This means the central bank no longer has the objective of supporting maximum sustainable employment alongside inflation targeting. “The amendment is consistent with advice the Reserve Bank has given in the past and helps to reiterate our focus on achieving low and stable consumer price inflation,” said Board Chair Professor Neil Quigley. The amended remit retains an inflation target of 1- 3 per cent over the medium-term, with a focus on the 2 per cent mid-point. Citibank NZ has received a formal warning from the RBNZ for AML/CTF breaches, after failing to provide originator information, obtained in its capacity as an intermediary institution in international wire transfers, to beneficiary institutions. The transactions involved took place between January 2017 and July 2020, and between November 2021 and April 2022, and were self-reported by Citibank. Banks that received the transfers can expect to be contacted by the RBNZ, as Citibank's failures have implications around their prescribed transaction reporting (PTR) compliance.