NEW ZEALAND: REGULATOR ACCUSES HONG KONG SUBSIDIARY OF $50 MILLION AML BREACHES

On 23 June, the Financial Markets Authority (FMA) said it has filed civil High Court proceedings against CLSA Premium New Zealand Limited (CLSAP NZ) –  formerly KVB Kunlun New Zealand Limited – for what it alleges are breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. The company provides various financial services, including broking, financial advice and derivatives and is the local subsidiary of the Hong Kong parent, CLSA Premium Limited.

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12342330

 

 

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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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