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FMA takes AML action

Wednesday 25th of March 2015

The FMA is the sector supervisor for issuers of securities, trustee companies, futures dealers, collective investment schemes, brokers and financial advisers who are reporting entities under the AML legislation.

It this month issued a public formal warning to MSL Capital Markets Ltd. The company had been asked to perform an audit of its risk assessment and AML programme by the end of October last year and give the FMA a copy.

But it did not perform the audit or offer the FMA a copy of the audit report.

In the year to June last year, the FMA asked 82 reporting entities to complete an audit early. An FMA spokeswoman said that was done to reduce the risk that there would be insufficient audit resources available if all reporting entities’ reports were done at the same time.

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