A two and half million dollar fine ... for a finance firm that didn't report suspicious transactions from an international businessman
A two and half million dollar fine ... for a finance firm that didn't report suspicious transactions from an international businessman
3 March 2020
Jiaxin Finance, its sole director, Qiang Fu and his mother, Fuqin Che failed to keep adequate records - or report hundreds of suspicious transactions - to a value of 53.4 million dollars.
They also didn't conduct customer due diligence.
Che was also found guilty of avoiding Anti-Money Laundering - and Countering Financing of Terrorism Act - requirements.
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