1News: A New Zealand law firm has admitted serious AML/CFT breaches, revealing systemic failures in due diligence, risk controls, and reporting, and triggering regulatory enforcement action

The breaches included failures to conduct proper customer due diligence, inadequate risk assessments, poor record-keeping, and deficiencies in ongoing monitoring of client activity. Regulators also found that the firm failed to fully cooperate during parts of the supervisory review process, further aggravating compliance concerns…