'Contemptuous disregard' earns $5.3M fine in first for anti-money laundering regime

Fri, 29 Sep 2017

By Pattrick Smellie Sept. 29 (BusinessDesk) - A Chinese-born New Zealander has been fined $5.3 million, ordered to pay costs, and been prevented from continuing to provide financial services in the country's first award of financial penalties for breaches of the four-year-old anti-money laundering and financing of terrorism regime. Ping An Finance, a company that facilitated remittance of foreign funds and operated out of offices in central Auckland, "failed abysmally" to meet the rigorous reporting and monitoring requirements of the regi...

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