FMA formally warns Craigs breaching anti-money laundering rules

Mon, 02 May 2016

By Fiona Rotherham May 3 (BusinessDesk) - The Financial Markets Authority has opted for a formal warning rather than taking legal action against sharebroking firm Craigs Investment Partners for breaching a section of the Anti-Money Laundering and Countering Financing of Terrorism Act. In a settlement with the market regulator, Craigs admits it breached the Act by failing to conduct adequate due diligence on a client and then failing to terminate its business relationship with that customer. In the FMA’s view, there were deficiencies wi...

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