A company and two employees have been found guilty of failing to report 53 million dollars of suspicious transactions from an international business mogul
A company and two employees have been found guilty of failing to report 53 million dollars of suspicious transactions from an international business mogul
22 November 2019
The case, in the High Court in Auckland, is the first of its kind since anti-money laundering laws were introduced a decade ago.
Much of the money is alleged to have come from a pyramid scheme.
The company and names of the employees are suppressed.
They've been found guilty on charges relating to failing to conduct customer due diligence, failing to keep adequate records and not reporting suspicious transactions.
Despite finding them guilty, the judge hasn't immediately convicted them.
That's to give their lawyer time to seek instructions before sentencing in February.
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