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:

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.

Tags: court FMA

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