FMA accuses CLSA Premium of multiple money laundering law failures

Tue, 23 Jun 2020

The Financial Markets Authority has accused broking and derivatives trading firm CLSA Premium New Zealand of numerous breaches of anti-money laundering laws involving $50 million of transactions. The market watchdog has filed civil papers against the firm, which was known as KVB Kunlun up until December last year, in the High Court. The FMA said CLSA failed on numerous occasions to conduct adequate customer due diligence, to end business relationships, to report suspicious activity, or keep records in line with the law. The regulator said...

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