Moniplus gets new US dollar account

Business
Source:
The National,Wednesday June 22nd, 2016

THE MoniPlus foreign exchange division says the company has obtained a new US dollar operating account, and will resume trading in the next few days.
In a notice to clients yesterday, Moni Plus said while the foreign exchange had been offline, the company had taken the opportunity to update its website.
It said an anti-money laundering legislation was in place.
“Also while we have been offline, Parliament has enacted new anti-money laundering legislation, requiring the banking and finance industry to know more about our clients,” it said.
“This will necessitate gathering further information from you.
“Of course the intervening months have not improved the foreign currency liquidity situation, so there will be more days that we are rationing.
“This is out of our control.
“For clients buying PGK (payments into PNG), we will be in touch separately with new settlement account details.
“For clients selling PGK (payments out of PNG), Westpac PNG has closed the MoniPlus FX PGK account, and will no longer accept payments in our favour.”