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Internal Affairs takes action against two money remitters

Internal Affairs takes action against two money remitters

The Department of Internal Affairs has filed civil proceedings in the Auckland High Court against two Auckland-based money remitters under anti-money laundering law.

The money remitters are Qian DuoDuo Limited (trading as Lidong Foreign Exchange) and Ping An Finance (Group) New Zealand Company Limited.

These are separate proceedings commenced against each of the money remitters.

These are the first civil proceedings to be filed since the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) took effect on 30 June 2013.

It is not alleged that Qian DuoDuo Limited or Ping An Finance (Group) New Zealand Company Limited were actually involved in money laundering or the financing of terrorism. Rather, the Department alleges that Qian DuoDuo Limited and Ping An Finance (Group) New Zealand Company Limited failed to meet AML/CFT Act requirements involving customer due diligence, account monitoring and record keeping. It is also alleged that Qian DuoDuo Limited failed to establish, implement and maintain an effective AML/CFT programme.

The Department is committed to detecting and deterring potential money laundering and terrorism financing; its role is to ensure certain financial institutions, including money remitters, meet their obligations under the AML/CFT Act. The obligations require these businesses to have robust processes in place to protect them from misuse. When a financial institution continues to fail in meeting their obligations under the AML/CFT Act the Department can and will take action.

As these matters are before the High Court, the Department cannot comment further at this time.

Ends

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