FMA steps up enforcement of AML breaches
According to a report - AML/CFT Monitoring Insights - released by the Financial Markets Authority (FMA) today, the regulator has escalated its enforcement approach to non-compliance with AML/CFT rules saying some entities are not taking the law seriously enough.
The report covers the regulator’s monitoring of the AML/CFT Act over the past three years from July 1, 2018, to June 30, 2021, and found that the FMA issued three public warnings, brought its first High Court proceedings under the Act and 27 formal, private warnings were issued.
The FMA’s previous monitoring report covering the period from July 1, 2016, to June 30, 2018, where the regulator issued one public warning and 17 formal, private warnings.
The FMA is one of three supervisors under the AML/CFT Act, along with the Reserve Bank of New Zealand and Department of Internal Affairs, and supervises around 750 reporting entities under the Act, two-thirds of which define themselves as financial advice providers.
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