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$4m penalty for Auckland money shop under anti-money laundering laws

An Auckland-based money remitter has been penalised $4 million for failure to comply with recently introduced anti-money laundering laws. Justice Mark Woolford decided Jin Yuan Finance should pay $4 million following a lawsuit from the Department of Internal Affairs. The penalty compares with $5.29 million awarded against Ping An Finance… Read More

Kiwi company and pair on trial over mogul’s ‘suspicious’ $53m

A company and two employees are on trial accused of failing to report hundreds of “suspicious” transactions involving tens of millions of dollars belonging to an international mogul. It is understood to be the first such criminal case to be heard in New Zealand’s courts since specific anti-money laundering laws… Read More

Anti-money laundering laws costing real estate industry ‘multi-millions’

The cost of implementing a raft of new laws has cost the real estate industry tens of millions of dollars, the Real Estate Institute says. A survey of 1861 real estate professionals around the country found 59 percent cited changing regulation as their top concern, whereas two years ago it… Read More

9th September 2019

NZ and Australia plan to lower remittances costs in Pacific

New Zealand is in talks with Australia to lower hefty money transfer fees in several Pacific Island countries, as “stubbornly high” costs strain the region’s economies and hamper UN targets. Remittances are a key source of earnings for many Pacific families who have relatives working abroad and the intervention comes… Read More

11th June 2019

Kim Dotcom fights US extradition in New Zealand’s top court

AP — Internet entrepreneur Kim Dotcom and three of his former colleagues on Monday took their fight against being extradited to the U.S. to New Zealand’s top court. The Supreme Court began hearing arguments in the seven-year-old case after Dotcom and the others lost several previous court rulings. But even… Read More

31st August 2018

UK, Five Eyes seek to work with private sector on beneficial ownership, illicit cash

The United Kingdom and its key allies have entered into a fresh agreement to crackdown on illicit cash flows and corporate secrecy which will see their financial intelligence units step up their information sharing and aim to work more closely with the private sector. The partnership was agreed upon this… Read More

27th June 2018

Australia, New Zealand central banks shun ‘volatile’ digital currencies

The central banks of Australia and New Zealand ruled out on Tuesday the notion that they would issue official cryptocurrencies anytime soon, warning the potential damage to their banking systems could outweigh the benefits. Tony Richards, head of the Reserve Bank of Australia’s (RBA) payments policy, said that bitcoin and… Read More

3rd May 2018

New Zealand asks banks whether tainted by Australian misconduct

New Zealand financial authorities have met with the country’s biggest banks seeking assurances they are not engaged in the sort of misconduct exposed at their Australian parent banks by a powerful judicial inquiry. The Royal Commission, as the Australian inquiry is called, has been a publicity disaster for Australia’s major… Read More

26th March 2018

Megaupload founder wins battle in ongoing fight against U.S. extradition

Internet entrepreneur Kim Dotcom won one battle with New Zealand authorities on Monday when a Wellington court ruled the attorney general broke the law by refusing his request to be given all information about him held by public agencies. The Human Rights Review Tribunal’s decision might be relevant for his… Read More

20th March 2018

Megaupload founder Kim Dotcom asks for Obama to appear in court

Internet entrepreneur Kim Dotcom said on Tuesday he has filed an application for former U.S. President Barack Obama to appear in court in relation to a damages claim over his defunct Megaupload streaming website while Obama visits New Zealand this week. German-born Dotcom is wanted by U.S. law enforcement authorities… Read More

24th November 2017

New Zealand: Sports sponsor warned over poor AML controls

KYC360 News A brokerage firm known for its sponsorship of top rugby team the Hurricanes has been cautioned about financial crime issues after an inspection by authorities highlighted serious flaws. In addition to being the front of jersey sponsor of the Hurricanes, Fullerton funds other sporting events or teams, including… Read More

9th October 2017

New Zealand: Kiwis embrace blockchain, despite bitcoin bottleneck

9 October 2017 By Richard MacManus, STUFF Blockchain technology can be used to record basically any digital data. One of the biggest tech trends of 2017 has been the rise of blockchain, the technology behind bitcoin. But unlike with bitcoin, there are promising blockchain projects under development in New… Read More

25th September 2017

Australian banks drop ATM charges in reputation fightback

Australia’s four largest banks are scrapping cash withdrawal charges for all domestic users as they try to salvage their reputations amid rising political pressure for tougher laws after a series of scandals. Commonwealth Bank of Australia, the nation’s biggest lender, said on Sunday it would immediately remove the A$2 ($1.60)… Read More

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