$4m penalty for Auckland money shop under AML regime

$4m penalty for Auckland money shop under AML regime
Victoria Young
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...

More Law & Regulation

Foodstuffs settles land covenants case
Retail

Foodstuffs settles land covenants case

Fines can reach up to $10 million or three times the commercial gain, ComCom said.

Gregor Thompson 19 Jun 2024
The barrister, the brothel and the rent row
Property

The barrister, the brothel and the rent row

A brothel madam has occupied the premises in a dispute with her high-profile landlord.

Maria Slade 18 Jun 2024
The danger of seeking out a returns Booster
Finance

Paul McBeth: The danger of seeking out a returns Booster

The FMA needs to move swiftly in its bid to be a related party pooper.

Paul McBeth 18 Jun 2024