Written: 19 July 2021

The Trustee Board of Nambawan Super Limited (NSL) has called for BSP Financial Group Limited (BFL) to work with the Bank of PNG (BPNG) and Financial Analysis and Supervision Unit (FASU) to resolve allegations of anti-money laundering compliance issues.

The announcement was made by Trustee Board Chairman, Mr Reg Monagi, in response to a series of public statements made by FASU, BPNG and BFL who reject the claim of non-compliance with anti-money laundering laws.

 “Nambawan Super Members are 12% shareholders in BFL. This investment makes up a significant proportion of their funds that are under management with NSL,” Mr Monagi said.

“As part of investing members’ funds responsibly, NSL also considers it important that the companies it invests in operate to the highest governance and compliance standards.” 

“The Board of NSL understand and support the importance of compliance with anti-money laundering principles across PNG financial institutions,” Monagi said.

Nambawan Super recognises the critical role of the regulator in ensuring PNG’s financial institutions meet the expectations of the wider community.

“BPNG, FASU, and BFL should cooperate and resolve the issues that have been raised to ensure that confidence in BFL is retained by its customers and shareholders, and its international banking partners. 

“The Directors of Nambawan Super expect all parties will act responsibly and professionally to ensure the integrity of PNG’s financial sector by addressing any concerns of non-compliance with anti-money laws and principles.”  

“The Fund will continue our active investor role in BFL and will monitor closely any issues of interest to our members’ investments, to ensure the Fund acts in members’ best interest,” Monagi said.

Nambawan Super is PNG’s leading superannuation fund and the largest by Funds Under Management, with a net assets of more than K8 billion, invested locally and abroad to grow the retirement savings of more than 200,000 members. Nambawan Super Limited is the Fund’s Corporate Trustee.

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