Fund urges BSP to work with BPNG

NAMBAWAN Super Ltd (NSL) board has called for BSP Financial Group Ltd to work with the Bank of PNG and the Financial Analysis and Supervision Unit (Fasu) to resolve allegations of anti-money laundering compliance issues.
The announcement was made by trustee board chairman Reg Monagi in response to a series of public statements made by Fasu, the Bank of PNG and BSP, who rejected the claim of non-compliance with anti-money laundering and counter-terrorist financing laws.
“Nambawan Super members hold a 12 per cent stake in BSP,” he said.
“This investment makes up a significant proportion of their funds that are under the management of NSL.
“We also consider it important that the companies it invests in operate to the highest governance and compliance standards.
“The Nambawan Super board understands and supports the importance of compliance with anti-money laundering principles across Papua New Guinea’s financial institutions.”
Monagi said: “BPNG, Fasu, and BFL should cooperate to resolve the issues raised to ensure that confidence in BFL is retained by its customers, shareholders, and international banking partners”.