ASB bank says it uses a different model of ATM and operating system to that of its parent company Commonwealth Bank of Australia which has been embroiled in a money laundering scandal linked to its intelligent deposit machines.
The Australian federal government's financial intelligence unit AUSTRAC last week launched civil proceedings in the Federal Court against CBA.
It has accused the bank of systemic failure to comply with anti-money laundering and counter-terrorism financing laws and alleges 53,000 transactions were not reported.
The CBA said the problem stemmed from a coding issue which occurred during a software update in late 2012 on its intelligent deposit machines which meant they did not generate threshold transaction reports.
"Following the software update, a coding error occurred which meant the IDMs did not create the TTRs needed. This error became apparent in 2015 and within a month of discovering it, we notified AUSTRAC, delivered the missing TTRs and fixed the coding issue," the bank said.
The breaches could attract millions of dollars in fines.
But CBA boss Ian Narev has warned people against jumping to conclusions.
"I understand there is very little goodwill for banks in general, and for CBA in particular, so when something like this happens people jump to conclusions," Narev told The Australian in an article published today ..
In a statement to the ASX today the bank said it took the allegations by AUSTRAC very seriously and would file a defence.
A spokesman for ASB bank said it did not operate the same model of intelligent deposit machines as the CBA nor did it use the same operating system.
The maximum amount of funds able to be deposited by an unverified person into an ASB ATM was less than $10,000.
He said the bank was committed to fighting financial crime and working with regulators in this regard.
"ASB has processes and tools in place to ensure compliance to New Zealand's AML regime, including the reporting of suspicious transactions to the New Zealand Police Financial Intelligence Unit."
Anti-money laundering law came into force for banks in New Zealand in 2013.