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How sanctions and embargoes affect international and domestic payments

Sanctions are prohibitions and restrictions involving financial activities through financial services. Embargoes are prohibitions and restrictions involving trade and commercial activity.

We need to make sure all payments being facilitated through BNZ comply with sanctions authorities.

BNZ complies with a number of sanctions authorities, among them:

  • The United Nations
  • The European Union
  • United Kingdom’s Office of Financial Sanctions Implementation
  • United States Office of Foreign Asset Control
  • Australia’s Department of Foreign Affairs and Trade.

Every international or domestic payment is treated as unique and reviewed on its own merits. If we need further information in order to meet these requirements, we may need to contact you, and in some cases this may lead to delays in processing your payments.

These sanctions apply to a variety of categories like jurisdictions, individuals or entities, and cover a variety of restrictions including dealing with specially designated nationals, certain products and services and arms and related materials. There are also some geographic and economic sector restrictions.  

Note: We’ve suspended international payments in all currencies to Russia. This is due to global sanctions in response to the situation in Ukraine.

Access to BNZ online services

Due to international sanctions, BNZ will not directly or indirectly support any transactions involving the following locations:

  • Crimea and Sevastopol regions
  • Cuba
  • Donetsk and Luhansk regions
  • Iran
  • North Korea
  • Syria

Access to BNZ online services (including the BNZ app and Internet Banking) is blocked in these areas. You can use our online services once you have left these locations. If you have any questions about travel to sanctioned countries, contact us.