Two remittance companies have been fined a total of $7.5 million for breaching laws to prevent money laundering. The Auckland High Court has fined Auckland-based OTT Trading Group Ltd $3.1m and Christchurch-based MSI Group Ltd $4.4m. OTT and MSI were part of a group providing money remittance and foreign exchange services in New Zealand and Australia. He said an estimated $1.3 billion from fraud and illegal drugs was laundered through New Zealand businesses every year. It was important to maintain trust and confidence in the integrity of the financial system, and businesses that breached money laundering laws would face enforcement action.

Source: Stuff July 21, 2020 22:36 UTC