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Formal public warning to Jin Yuan Finance Ltd

Formal public warning to Jin Yuan Finance Ltd

An Auckland-based financial institution has received the first public warning issued by the Department of Internal Affairs under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). The AML/CFT Act requires New Zealand’s financial institutions to have processes in place to detect and deter money laundering and terrorism financing, and to protect their businesses from misuse.

The Department issued a formal warning to Jin Yuan Finance Limited (JYF), company number 4083558, under section 80 of AML/CFT Act on 7 July 2015. It has now issued a public summary of the warning.

“The investigations identified that Jin Yuan Finance had failed to establish, implement and maintain an adequate and effective AML/CFT programme,” the Department’s General Manager of Regulatory Services, Maarten Quivooy said. “In particular, JYF had failed to conduct customer due diligence as required, failed to adequately monitor accounts and transactions, failed to keep adequate records and failed to ensure that its branches comply with all relevant obligations.”

The Department requires JYF to immediately rectify all areas where it is non-compliant with its obligations. JYF has advised the Department it is committed to doing so, and has provided information about steps it is already taking to do so.

“The Act has now been in force for over two years. It requires financial institutions to have adequate and effective procedures for managing and mitigating the risk of money laundering and terrorism financing through their business. This is an important piece of legislation, with which financial institutions are required to comply.”

“The Department will continue to monitor JYF and consider further enforcement action if appropriate,” Mr Quivooy said. “Options for further enforcement include court imposed undertakings or financial penalties.”


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