The Financial Markets Authority (FMA) filed proceedings in June 2020 alleging CLSAP NZ failed to comply with its obligations under the AML/CFT Act between April 2015 and November 2018.
The case was centred on transactions undertaken by a sample of 10 different CLSAP NZ customers, involving transactions totalling approximately $49.5 million, with $40.8 million of that total relating to deposits made by two customers.
CLSAP NZ admitted it failed to conduct enhanced customer due diligence concerning 12 transactions, failed to conduct due diligence concerning one customer, failed to terminate existing business relationships when customer due diligence could not be completed, failed to report suspicious transactions/activity on nine occasions, and failed to keep records as required under the AML/CFT Act.
CLSAP NZ, formerly KVB Kunlun New Zealand Limited, is the subsidiary of its Hong Kong parent, CLSA Premium Limited and provides derivatives trading services licensed by the FMA as a derivatives issuer.
Conditions imposed by the FMA prevent the firm from offering derivatives to retail investors.
The directors of CLSAP NZ during the relevant times were Rongjun (June) Zhang, Songyuan Huang (Benny Wong), Stefan Liu, Robert Manwarring Noakes and Richard Clive Pearson.
The directors were not parties to the proceedings.
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