N.Z. Regulator Says Craigs Investment Partners Breached ASL Act
Source: BFW (Bloomberg First Word)
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UUID: 7947283
(Bloomberg) -- Financial Markets Authority issued a formal warning to Craigs under section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act, it said in emailed statement.
Alert: HALISTER1- “Craigs admits that it breached the AML/CFT Act in that it failed to conduct adequate enhanced due diligence and/or failed to terminate its business relationship with a client when it had been unable to complete the required level of customer due diligence on that client”
- FMA cited deficiencies with the AML/CFT compliance program at the firm, in that it did not contain a cohesive process for escalating, monitoring and managing AML/CFT issues
- Since 2014, Craigs has taken steps to improve the program: FMA
Source: BFW (Bloomberg First Word)
To de-activate this alert, click here
UUID: 7947283