An Auckland based money transfer company - Jinyuan Finance Ltd.
has been fined $4 million for repeated non-compliance under the AML and CFT Act
The company had been warned multiple times about failing to
comply with the Anti-Money Laundering and Countering Financing of Terrorism
Act. A money remitter breached the requirements to conduct customer due
diligence, and failed to monitor accounts and transactions.
The company had been on the watchlist of the Department of
Internal Affairs for five years as it had a history of non-compliance since
2014. Jinyuan Finance Ltd., which used to have eight outlets in Auckland and
one in Hamilton, continued doing business with customers who didn't produce or
provide satisfactory evidence of their identities.
Justice Mark Woolford has imposed a fine of $4 million instead of $4.7 million since Jinyuan Finance admitted the act and did not oppose restraining orders.
Source - NZ Herald
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