Police allege his business was laundering money derived from other's drug dealing and, in addition to acquiring expensive assets, they claim he transferred $24m cash into bank accounts he controlled in China.
Read MoreProperty Brokers Limited failed to meet several of their AML/CFT obligations relating to the establishment, implementation and maintenance of their AML/CFT programme and the hiring and training of compliance staff. They also failed to have adequate policies, procedures and controls for monitoring compliance or to follow guidance material from AML/CFT supervisors.
Read MoreThis article summarises the Department’s findings for the accountancy sector from its desk-based reviews and on-site inspections undertaken from January 2019 to January 2020.
Read MoreThis article is a summary of the Department’s findings for the real estate sector from its compliance assessments undertaken from 1 January 2019 to 31 July 2020.
Read MoreThis article is a summary of the Department’s findings for the legal sector (law firms and sole practitioners) from its compliance assessments undertaken from January 2019 to January 2020.
Read MorePhysical distancing due to COVID-19 has created an increased emphasis on providing online services. With continued online interactions and transactions, criminals have more opportunities to commit their fraudulent activities online. It is important to note that with fraud, the placement stage of money laundering will often be inherent to the predicate offending.
Read MoreIf you are a reporting entity, one of your obligations is to undertake a risk assessment to identify your ML/TF risks. Your risk assessment must have regard to the countries you deal with.
Read MoreBetween 2015 and 2017, Kalivati paid for $34,882 of travel through Flight Centre and House of Travel.
Read MoreAustralia does not have a beneficial ownership register to collect this information, nor does it require real estate agents, lawyers and accountants involved in real estate deals to identify the beneficial owners of legal entity clients.
Read MoreTSB says it's continuing to actively remediate the AML/CFT issues identified by the Reserve Bank and is providing regular updates to the regulator on its progress.
Read MoreThe companies had stopped trading when they were fined a combined total of $7,585,000, in court action by the Department of Internal Affairs (DIA).
Read MoreNine people have been arrested and $6 million in assets seized by police in one of the largest money laundering operations seen in Auckland.
More than $120m in transactions may have been laundered, police said.
Read MoreThe leaked documents show that BNZ was confident it would not be pinged by New Zealand authorities and rated the risk of fines as "minor", though it worried about the public finding out, and its reputation being damaged.
Read MoreA pet and garden supply store operator accused of laundering dirty money for a multimillion-dollar drug syndicate says police have "got it wrong".
Read MoreAML/CFT Supervisors have confirmed that no adverse compliance action will be taken if reporting entities have acted in good faith. The information that follows is that published by the Department of Internal Affairs and the Financial Markets Authority which should be read so you are aware of your obligations:
Read MoreA multimillion-dollar drug syndicate allegedly laundered dirty money through a pet and garden supply store in Christchurch.
Read MoreReporting Entities need to be aware that a vast amount of information is being gathered by Government Agencies behind the scenes in order to detect and prevent money laundering where the funds are from the proceeds of crime and tax evasion.
Read MoreMore than $1.2m in cash was deposited into the lawyers trust account, which was also used to purchase some of the cars belonging to the gang and its associates.
Read MoreWestpac Bank analysts are running worst-case scenarios on a fine as large as $3 billion.
Read MoreNew Zealand is awash with dirty money but how much is anyone's guess.
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