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DIA Issues Formal Warning To Australian Company Openpay Pty Ltd For Anti-Money Laundering Non-compliance

Te Tari Taiwhenua Department of Internal Affairs (DIA) has issued a formal warning to Openpay Pty Ltd, under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act).

Openpay Pty Limited failed to establish, implement, and maintain an AML/CFT programme, and failed to adequately monitor accounts and transactions over an extensive period.

They are not alleged to be involved in money laundering or the financing of terrorism.

As one of the agencies in New Zealand’s AML/CFT system, DIA supervises a range of businesses who must comply with the AML/CFT Act.

Openpay Pty Ltd is a financial institution that operates a ‘buy now pay later’ service and has been operating in New Zealand since 2013.

“The issuing and publication of this formal warning demonstrates DIA’s willingness to take proportional action in response to non-compliance,” says Mike Stone, Director of DIA’s AML Group.

DIA’s regulatory responses can range in severity and consequence, from formal warnings through to criminal prosecution.

“It’s important to highlight our willingness to hold businesses to account, including offshore organisations that have AML/CFT obligations as part of their New Zealand operation.”

“We acknowledge Openpay is taking steps to establish, implement and maintain an AML/CFT programme. DIA will continue to closely monitor Openpay to ensure their compliance.” says Mike Stone.

The AML/CFT Act established a system to detect and deter money laundering and the financing of terrorism, and to maintain and enhance New Zealand’s international reputation while growing public confidence in the financial system.

 

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