Firm pinged for AML breaches
Friday, May 7th 2021, 10:00AM
by Matthew Martin
CLSA Premium (formerly KVB Kunlun) has admitted to breaches of the Anti-Money Laundering and Countering Financing of Terrorism Act, following proceedings brought by the Financial Markets Authority.
The FMA filed proceedings in June 2020 in the Auckland High Court alleging CLSAP NZ failed to comply with its obligations under the Act regarding representative transactions involving nearly $50 million between April 2015 and November 2018.
CLSAP NZ provides derivatives trading services and is licensed by the FMA as a derivatives issuer.
The firm has admitted it:
- Failed to conduct customer due diligence
- Failed to terminate an existing business relationship
- Failed to report suspicious transactions / activity as required; and
- Failed to keep records in accordance with the act.
A court hearing for a pecuniary penalty against CLSAP NZ is set down for July 5, 2021.
The FMA says it will comment further on the proceedings after the penalty hearing.
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