New Zealand remittance company Qian DuoDuo fined for money laundering

( June 5, 2025, 08:13 GMT | Official Statement) -- MLex Summary: New Zealand-based foreign-exchange and money-remittance company Qian DuoDuo, trading as Lidong Foreign Exchange, has been fined NZ$1.124 million ($680,000) for failing to report suspicious activities and to submit prescribed transaction reports. In a statement, New Zealand’s Department of Internal Affairs said that, following an investigation, it was found that between June 2018 and September 2019, Qian DuoDuo failed to report 197 international transactions to China, totaling more than NZ$19.4 million. The two individuals involved with the transactions, Xiaoyu Lu and Musabayoufa Fuati, have both been convicted of criminal offending, with Lu found guilty of money-laundering offenses. The full statement from New Zealand's Department of Internal Affairs follows: ...

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New Zealand remittance company Qian DuoDuo fined for money laundering

Prepare for tomorrow’s regulatory change, today

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