10 Jul 2020
DEPARTMENT OF INTERNAL AFFAIRS v OTT TRADING GROUP LTD [2020] NZHC 1663
- Citation
- [2020] NZHC 1663
- Court
- High Court
The Court found OTT and MSI each committed multiple, sustained and serious breaches of the AML/CFT Act (failure to maintain compliant programmes, failure to conduct required due diligence including enhanced checks, failure to monitor transactions, and failure to keep adequate records), that these breaches were aggravated by misleading and obstructive conduct and lack of cooperation, and that substantial civil pecuniary penalties and an injunction against OTT were warranted; the Court imposed penalties of NZD 3,100,000 on OTT and NZD 4,485,000 on MSI and restrained OTT from conducting financia…