On 29th July, the New Zealand Herald reported that the country’s largest supplier of safe deposit boxes – Customhouse Safe Deposits Limited (CSDL), t/a Commonwealth Vault  – has been handed a formal warning after repeated non-compliance of AML/CFT law.  It was not alleged that the company was involved in money laundering or the financing of terrorism, but it is the second warning that the company has received.  The company was initially found non-compliant in 2014 after a desk-based review – and since then the company had not only failed to maintain an ongoing level of compliance but it is said that it had allowed it to deteriorate.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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