AML/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.
Read MoreAustrac launches legal action against bank over $11bn in transactions and allegedly failing to detect activity ‘indicative of child exploitation’
Read MoreBank of New Zealand processed a payment "identified to be for oil originating from Iran" breaching its own Economic and Trade Sanctions Policy.
Read MoreStandard Chartered Plc has agreed to pay $1.1 billion to U.S. and British authorities for conducting illegal financial transactions that violated sanctions against Iran and other countries, government authorities announced on Tuesday.
Read MoreItaly’s top bank UniCredit SpA and two subsidiaries have agreed to pay $1.3 billion to U.S. authorities to settle probes of violations of U.S. sanctions on Iran and other countries, U.S. authorities said on Monday.
Read MoreAt least three of six people arrested in a major police investigation into alleged money laundering have been barred from stepping foot inside an ANZ bank.
Read MoreThe Department’s view is that, with the exception of payments for your professional fees, any instance where you receive or hold client funds and control the payment of those funds will be captured as ‘managing client funds’.
Read MoreA meth dealer's boasts to an undercover cop triggered a new police investigation into his father's financial affairs and a three year legal battle over $10 million and 15 commercial properties in Gisborne.
Read MoreThe cost of implementing a raft of new laws has cost the real estate industry tens of millions of dollars, the Real Estate Institute says.
Read MoreA money transfer company has been fined $4 million for repeated non-compliance with anti-money laundering legislation.
Read MoreIn recent audits of law firms we established that they were not conducting customer due diligence when anticipated disbursements were received in advance. The cause for this appeared to be advice received from external consultants deeming this to not be a captured activity.
Read MoreThe FMA (one of the three AML/CFT Supervisors) published their monitoring report in April 2019 and commented on the requirement for Reporting Entities (REs) to undertake PEP and Sanction checks. This requirement would extend to all REs.
Read MoreTransparency International notes in its 2017 report Tainted Treasures: Money Laundering Risks in Luxury Markets: “For individuals engaged in corruption schemes, the luxury sector is significantly attractive as a vehicle to launder illicit funds.
Read MoreDIA has reminded reporting entities that DIA does not endorse private sector AML services.
Read MoreThis is a sad case of someone who got involved in setting up structures to help the world’s elite hide and launder money which ended here in New Zealand with its founder passing away on 9 June 2019. We thought long and hard about publishing this story but thought it serves as a warning to others.
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