FMA warns Pencarrow Private Equity for AMl/CFT breaches

Thu, 15 Dec 2022

The Financial Markets Authority (FMA) has formally warned Pencarrow Private Equity Management for breaching record-keeping requirements under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act.The FMA’s investigation found Pencarrow had “systemic failings” in its retention of identity and verification records for customers who’d invested in its Fund V, between April and July 2018.The failures also meant Pencarrow was unable to provide records to establish whether it had undertaken sufficient en...

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