New Zealand: Premium slapped with $770,000 anti-money laundering fine
13 Sep 2021

An Auckland-based foreign exchange business has been slapped with a $770,000 fine for breaking anti-money laundering laws.

“Given the scale, nature and circumstances of KVB’s (CLSA Premium’s) non-compliance, I am satisfied that this penalty accurately reflects the gravity of the breaches and reflects the principles of deterrence and denouncement,” said judge Rebecca Edwards at the High Court in Auckland.

CLSA Premium, which used to be called KVB Kunlum New Zealand, admitted it had failed to abide by anti-money laundering laws, which are designed to prevent crooks and terrorists laundering money, between April 2015 and November 2018.

Edwards found two of CLSA Premium’s anti-money laundering compliance managers resigned in frustration after efforts to do their jobs as the law required were hindered by the company’s directors.

By Rob Stock, Stuff, 13 September 2021

Read more at Stuff

RiskScreen: Eliminating Financial Crime with Smart Technology

Count this content towards your CPD minutes, by signing up to our CPD Wallet