$4m penalty for Auckland money shop under AML regime

Mon, 14 Oct 2019

An Auckland-based money remitter has been penalised $4 million for failure to comply with recently introduced anti-money laundering laws. Justice Mark Woolford decided Jin Yuan Finance should pay $4 million following a lawsuit from the Department of Internal Affairs. The penalty compares with $5.29 million awarded against Ping An Finance and $356,000 against Qian DuoDuo, which were both also accused of not complying with the AML regime. The case brought by the Department of Internal Affairs is the third in the AML/Counter Financing of Te...

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