Jenee Tibshraeny: NZ Herald Wellington business editor on ASB being ordered to pay $6.731 million for breaching anti-money laundering laws
The High Court has ordered ASB Bank to pay $6.731 million for breaching anti-money laundering laws.
The penalty is the largest ever imposed by a New Zealand court under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009.
NZ Herald Wellington business editor Jenee Tibshraeny explained the case further - and whether it sets a precedent.
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The skinny
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