A consultancy service's actions have been questioned in court as the Government seeks to penalise a company for breaching money laundering and terrorism financing laws.
Read MoreThe Department of Internal Affairs has issued a formal warning to an Auckland-based reporting entity under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act).
Read MoreFinancial analysts and cyber-crime specialists among the new staff to crack down on trans-national organised crime in New Zealand.
Read MoreAn estimated $1.35 billion of criminal proceeds is generated for money laundering in New Zealand every year but the actual transactional value is thought to be several times higher, a new police report suggests.
Read MoreThe Financial Markets Authority (FMA) has issued formal warnings to five reporting entities under Section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act).
Read MoreThe underground crews were paying workers $20 to $40 per hour in cash and undercutting legitimate rivals to win jobs.
Read MoreOPINION: So you think you know what a Smurf is? If you're still imagining those little blue characters in white hats, you're blessed with innocence.
Read MoreDespite an increasing number of electronic transactions each year, the amount of physical cash in circulation in this country continues to grow.
Read MoreThe AML/CFT Supervisors have issued a new Enhanced Customer Due Diligence (EDD) Guideline and this provides additional detail on what is expected of reporting entities. This guideline covers the following as well as the collection and verification of source of wealth and source of funds.
Read MoreLast week DIA published the AML/CFT Phase 2 Lawyers and Conveyancers Guideline to help the sector better understand AML/CFT and how it affects them. Phase 2 includes lawyers, accountants, conveyancers, real estate agents, high-value dealers and the New Zealand Racing Board.
Read MoreThe Commonwealth Bank has admitted breaching anti-money laundering legislation thousands of times but is trying to avoid fines that could run into billions of dollars.
Read MoreA money transfer company which "failed abysmally" to comply with anti-money laundering legislation has been ordered to pay penalties of more than $5 million.
Read MoreThe FMA has published their Sector Risk Assessment 2017 that covers the reporting entities that the FMA monitors.
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