by Andrea Malcolm
Tiger Brokers is a purely online broker, similar to Sharesies, Hatch and Stake. Its holding company UP Fintech Holding was listed on the Nasdaq in 2019.
The FMA case alleges Tiger Brokers failed to conduct customer due diligence, terminate an existing business relationship on which it was unable to conduct customer due diligence, report suspicious activities, and keep records as required by the Act.
The case will have a penalty hearing before the High Court where the parties will ask for an order for Tiger Brokers to pay a penalty of $900,000. The amount will be determined by the court.
The FMA warned Tiger Brokers in March 2020 for failing to have adequate AML/CFT protections in place and then investigated. It considers Tiger Brokers’ record-keeping breaches are systemic and significant as they are not confined to the sample of customer files provided in the investigation. The FMA alleges that Tiger Brokers’ records were not readily accessible and readily convertible into English (as required by the Act).
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