Huge fine sought

More than $100 million may be the value of transactions not properly checked under money laundering laws by Qian DuoDuo Limited (QDD), which now faces a multimillion-dollar government fine, the High Court at Auckland has heard. The Department of Internal Affairs (DIA) was seeking a fine in the realm of $2.6m, with Justice Grant Powell commenting that it was “truly extraordinary” that there was up to $7m at stake. The DIA has accused QDD of failing to meet Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT) requirements for customer due diligence, account monitoring, record keeping and risk assessment. QDD, which was trading under Lidong Foreign Exchange, has not been accused of money laundering or funding terrorism.