More than $100 million may be the value of transactions not properly checked under money laundering laws by Qian DuoDuo Limited (QDD), which now faces a multi-million dollar government fine, a court has heard.
The Department of Internal Affairs (DIA) was seeking a fine in the realm of $2.6 million, with Justice Grant Powell commenting that it was “truly extraordinary” that there was up to $7 million at stake.
The DIA has accused QDD of failing to meet Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT) requirements for customer due diligence, account monitoring, record keeping and risk assessment.
QDD, which was trading under Lidong Foreign Exchange, has not been accused of money laundering or funding terrorism.
Read the original article here: nzherald.co.nz
Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.