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New Zealand High Court fines two remitters NZ$7.6m for AML breaches

Money Laundering Bulletin

New Zealand High Court fines two remitters NZ$7.6m for AML breaches

OTT Trading Group and MSI Group, New Zealand-based money services businesses, have been fined NZ$3.1m and NZ$4.485m, respectively, over failure to conduct anti-money laundering risk assessment and for “inadequate or non-existent [customer] due diligence and record-keeping”. [1]

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