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$5.29 million anti-money laundering penalty imposed
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
Partner
Wellington
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