New Zealand: Firm Facing $2.6m Fine Under Money Laundering, Terrorism Financing Laws

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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.

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