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Department of Internal Affairs v Ping An Finance (Group) New Zealand Co Ltd - [2018] 2 NZLR 552

$30.00

High Court Wellington
CIV-2017-404-28; [2017] NZHC 2363
12 April; 28 September 2017
Toogood J
Financial markets — Financial service providers — Civil liability acts under Anti-Money Laundering and Countering Financing of Terrorism Act 2009 — Pecuniary penalties — Failing to carry out customer identity checks — Failing to adequately monitor transactions — Failing to keep records — Failing to report suspicious transactions — Objective test — Injunctions — Whether company and director should be restrained from carrying out financial activities — Reasonable grounds to suspect — Financial Transactions Reporting Act 1996, ss 13(2), 15, 15(1)(b), 22 and 36(2).
Pecuniary Penalties — Nature of award — Principles in finding civil liability — Factors to be taken into account in award — Approach where maximum penalty not specified — Appropriate starting point for penalties when contravention serious.

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