NZ regulator issues formal warning to Tiger Brokers over AML breaches
Source: FinanceFeeds
- adequately conduct enhanced and ongoing customer due diligence where required.
- adequately verify relevant customer identification documents.
- obtain adequate source of fund or wealth information relating to high risk customers, and take reasonable steps to verify that information.
- report suspicious activity to the relevant authorities within three working days after forming a suspicion.
- take reasonable steps to determine whether a customer or any beneficial owner, is a politically exposed person.
- Four failed to have their AML risk assessment and program audited in a timely manner;
- One failed to provide an audit of its AML risk assessment and program;
- One failed to have an AML program in place, undertake a risk assessment, and designate an employee to administer and maintain the program. This entity has undertaken remedial action due to the nature and extent of its breaches.
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