NEW ZEALAND: FOREIGN EXCHANGE BUSINESS $770,000​ FINE FOR BREAKING AML LAWS

In its 13 September edition, Stuff reported that Auckland-based CLSA Premium (which used to be called KVB Kunlum New Zealand) had admitted it had failed to abide by AML laws between April 2015 and November 2018.  It is said that 2 compliance managers had resigned in frustration after efforts to do their jobs as the law required were hindered by the company’s directors, and it was concluded CSLA Premium prioritised keeping the business of super-wealthy customers over its legal duties to prevent money laundering.  The $770,000 fine represented the first court proceedings brought by the Financial Markets Authority under the AML/CFT Act.  It is said that the company had undertaken an independent review of its compliance programme, appointing BDO, Grant Thornton and Strategi as new external auditors, and fully implementing their recommendations.

https://www.stuff.co.nz/business/126360466/clsa-premium-slapped-with-770000-antimoney-laundering-fine

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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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