E-Trans International Finance Ltd v Kiwibank Ltd - [2016] 3 NZLR 241

Bankers and banking — Anti-Money Laundering Obligations — Terminating customer’s account — Money remittance provider — Global trend of banks terminating relationships with money remitters — Whether bank able to close customer’s account on notice without reasons — Whether implied term of contract for bank to act fairly and reasonably in terminating contract — Term of Code of Banking Practice — Whether enforceable statutory duty on bank — Interpretation Act 1999, s 5(1).

Commercial law — Commerce Act 1986 — Substantially lessening of competition — Anti-competitive conduct — Whether termination power had effect of substantially lessening competition — Global trend of banks terminating relationships with money remitters — Relevant market — Trade Practices Act 1974 (Cth), ss 45(2)(b)(ii) and 46.

Commercial law — Fair Trading Act 1986 — Misleading and deceptive conduct in trade — Whether misleading reasons for termination of customer account in trade — Causal link — Loss or damage suffered — Fair Trading Act 1986, ss 9 and 43.