ASB has been ordered to pay $6.731 million, the largest AML/CFT penalty imposed in New Zealand to date, after admitting seven breaches of the AML/CFT Act. Much of the media coverage has understandably focused on the size of the penalty and the billions of dollars in transactions involved. However, for AML practitioners, the more important lesson lies elsewhere. The Court found that ASB's AML/CFT programme and transaction monitoring systems were inadequate for a prolonged peri

A Hamilton law firm’s $60,000 AML/CFT fine carries a wider warning for the legal sector. The Foster & Milroy case is a reminder that AML/CFT compliance must be current, evidenced and operating in practice, not just sitting on paper.