26 March 2018
The High Court said Xiao “failed abysmally” to meet the rigorous reporting and monitoring requirements of the regime in transactions totalling $105.4 million.
Finance company director Xiaolan Xiao has lost his challenge to a $5.3 million fine imposed under anti-money-laundering laws, with his arguments against the judgment rejected by the Auckland High Court.
Last September, Justice Kit Toogood ruled that Ping An Finance, a company that facilitated remittance of foreign funds and operated out of offices in central Auckland, “failed abysmally” to meet the rigorous reporting and monitoring requirements of the regime in transactions totalling $105.4 million.
