The High Court has found a financial services company and its director liable for multiple breaches of the anti-money laundering legislation.

The company:

  • failed to carry out customer identity checks or verification;
  • failed to adequately monitor accounts or transactions
  • failed to keep transaction records; and
  • failed to report suspicious transactions.

The transactions involved over $105 million in funds and 1588 events.

The Court found that the breaches were at the serious end of the scale and imposed the $5.29 million penalty plus banned the company and director from carrying out any financial institution activities.

Alan Knowsley