The FMA has issued a formal warning to MSL Capital Markets Limited under the Anti-Money Laundering and Countering Financing of Terrorism Act.
The FMA had asked MSL to perform an audit of its AML/CFT risk assessment and AML/CFT programme by October 31 and to provide the FMA with a copy of the audit by November 28 last year.
MSL failed to perform its audit and provide a copy of the audit report to the FMA.
FMA said independent audits were an essential component of complying with the Act and helped ensure reporting entities had, and would continue to have, robust systems and processes in place to detect and deter money laundering and the financing of terrorism.
It said the firm has now taken action to undertake the audit and committed to providing the FMA with a copy of the audit report.
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