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NZForex failed to meet anti-money laundering obligations, New Zealand regulator says

( March 18, 2025, 01:29 GMT | Official Statement) -- MLex Summary: New Zealand fintech company NZForex has received a formal warning for failing to meet its obligations under anti-money laundering rules. In a statement, New Zealand’s Department of Internal Affairs said the company had voluntarily disclosed that it had identified a system issue with its prescribed transaction-reporting process, which led to NZForex failing to report 3,182 transactions to the New Zealand Police Financial Intelligence Unit between Nov. 1, 2017, and Feb. 28, 2024. “NZForex has since taken steps to remediate the system issue and has reported all outstanding transactions,” the department said. The company will be required to provide the regulator with its final audit report, as well as updates on steps taken to comply with its legal obligations.The full statement from New Zealand's Department of Internal Affairs follows: ...

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