Auckland money remitter warned

16 October 2018

The Department of Internal Affairs recently issued a formal warning to IE Money Limited under section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act).

IE Money Limited is an Auckland-based money services business (MSB) that provides money remittance and foreign exchange services to domestic and overseas customers.

IE Money Limited failed to meet AML/CFT Act requirements of conducting customer due diligence, monitoring accounts and transaction, record keeping, and establishing, implementing or maintaining an AML/CFT programme.
It is not alleged that IE Money Limited was actually involved in money laundering or the financing of terrorism.

IE Money Limited co-operated during the on-site inspection undertaken by the Department, and has taken remedial work since receiving the Department’s final inspection report.

“The Department is committed to detecting and deterring potential money laundering and terrorism financing by ensuring financial institutions meet their obligations under the AML/CFT Act,” says Trish Millward, Deputy Director Operations, Regulatory Services.

“The obligations require these businesses to have robust processes in place to protect them from misuse.

“When a financial institution continues to fail in meeting their obligations under the AML/CFT Act the Department can and will take action.”

This is the fourth public warning summary to be published since the AML/CFT Act came into force on 30 June 2013. There have been an additional 21 private warnings issued.


Media contact: The Media Desk Te Tari Taiwhenua Department of Internal Affairs Mobile: +64 27 535 8639 Email: media@dia.govt.nz