October 14 2019
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.
