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NZEconomy4 days ago

Formal warnings issued by Department of Internal Affairs in money laundering crackdown

The Department of Internal Affairs (DIA) in New Zealand has issued formal warnings to 10 reporting entities for failing to conduct independent audits of their anti-money laundering (AML) and countering the financing of terrorism (CFT) measures. The entities include six law firms, one real estate agency, and others such as a payment provider and an accounting service. The DIA emphasized the importance of compliance with legal obligations to prevent financial crime and protect the public.

The Department of Internal Affairs is cracking down on anti-money laundering, issuing multiple coordinated formal warnings for the first time.

The DIA has issued warnings to 10 reporting entities for failing to conduct independent audits of their measures to counter money laundering and financing of terrorism.

The department detected the non-compliance of the companies, which include six law firms and one real estate agency, during its thematic review.

Laura Olsen, the acting director for AML/CFT at DIA, said: "Today's action signals a clear expectation that reporting entities must comply with their legal obligations. These exist to protect us from financial crime, by helping us spot gaps in the system that could allow dirty money to slip through."

She added: "Many crimes tied to money laundering harm ordinary people."

The warnings were sent to the below companies:

Singhs Lawyers - Law firm

Robertsons Associates Limited - Law firm

Mangere Law Limited - Law firm

Flexi Online New Zealand Limited - Payment provider

Countryman Realty Limited - Real estate agency

Cook North & Wong Limited - Accounting service provider

Castleview Law Limited - Law firm

Wilton Finance Limited - Non-bank non-deposit taking lender

FC Law Partners - Law firm

Woodroffe Lawyers - Law firm

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Read the full article at RNZ (Radio New Zealand) →
Source document: Department of Internal Affairs (DIA)

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RNZ (Radio New Zealand)State / PublicCenter4 days ago
Formal warnings issued by Department of Internal Affairs in money laundering crackdown

The Department of Internal Affairs (DIA) in New Zealand has issued formal warnings to 10 reporting entities for failing to conduct independent audits of their anti-money laundering (AML) and countering the financing of terrorism (CFT) measures. The entities include six law firms, one real estate agency, and others such as a payment provider and an accounting service. The DIA emphasized the importance of compliance with legal obligations to prevent financial crime and protect the public.

Bias read (Center): The article presents factual information about regulatory actions taken by the Department of Internal Affairs without apparent ideological framing. It reports on enforcement actions against entities for non-compliance with AML/CFT regulations, using neutral language and quoting officials without slm

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