28 Sept 2017
Department of Internal Affairs v Ping An Finance (Group) New Zealand Company Limited [2017] NZHC 2363
- Citation
- [2017] NZHC 2363
- Court
- High Court
On the balance of probabilities Ping An committed five civil liability acts under s78 (failure to conduct CDD; failure to adequately monitor; entering/continuing relationships without satisfactory ID; failure to keep records; failure to report suspicious transactions). The reporting obligation in s40 is judged objectively (grounds to suspect that a transaction may be relevant). Given systemic failures, misleading conduct by the director and the statutory factors in s90(4), pecuniary penalties totalling NZD 5,290,000 were appropriate and injunctions restraining Ping An and its director from ca…