The Commonwealth Bank of Australia (CBA) in Sydney and ASB Bank (Auckland) serving as correspondent bank for the National Bank of Vanuatu (NBV) have announced they no longer facilitate transfers for “Designated Agents” in AUD/NZD under the Vanuatu Citizenship Programs: the Development Support Program (DSP) and the Capital Investment Immigration Plan (CIIP) — starting this month.
“There is growing concern over a potential massive revenue loss, as both the Vanuatu government and citizenship agents could lose millions” reported DailyPost.
The transaction flows to cease last date is 30 September 2025.
NBV has communicated with all affected “Designated Agents,” informing them of this decision and providing alternative standard settlement instructions and routing.
Recently, CBA also decided it would no longer facilitate international fund transfers in Australian and New Zealand dollars. As far as inflows are concerned, these two currencies — U.S. dollars and Japanese yen — are available going forward. We also have two other corresponding banks in place to continue the program.
NBV Chief Executive Officer (CEO), John Aruhuri
ABC news reported last year, Correspondent banking relationships are already in steep decline across the Pacific. between 2011 and 2022, the Pacific lost about 60 per cent of its correspondent banking relationships.
Vanuatu is also listed in EU blacklist countries, faces immense pressure from Euro banking systems. failed to meet tax transparency and fairness commitments, transfers arising from Vanuatu face greater financial scrutiny and could be subject to stronger anti-money laundering and tax avoidance measures by EU member states.
