The FMA has filed action against the company in High Court at Auckland and is seeking monetary penalty.
Nick Kynoch, FMA General Counsel, said:
The anti-money laundering legislation is a cornerstone to protecting the integrity of New Zealand’s financial system and it’s imperative that financial services firms ensure they are compliant. The regime has been in place since 2013 and CLSAP’s alleged breaches are serious so it is appropriate for the FMA to take a strong regulatory response. CLSAP NZ needs to be held to account and our approach sends an important message of deterrence to the industry.
The maximum penalty for CLSAP NZ could reach $2 million.
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