3 Oct 2019
THE DEPARTMENT OF INTERNAL AFFAIRS v JIN YUAN FINANCE LIMITED [2019] NZHC 2510
- Citation
- [2019] NZHC 2510
- Court
- High Court
Court found JYFL's breaches were at the higher end of non‑compliance, involving deliberate concealment of multiple undisclosed bank accounts and misleading conduct after DIA engagement and a formal warning; starting points for the discrete breaches totalled $4.1 million, a 15% uplift was applied for misleading conduct and a 15% discount applied for admission (limited cooperation), yielding a final pecuniary penalty of $4,007,750; overlapping penalties for customer due diligence and entering/continuing relationships without identity verification were conflated under s 74.