FMA says money-laundering safeguards still not fit for purpose

Mon, 01 Apr 2019

By Rebecca Howard April 1 (BusinessDesk) - The Financial Markets Authority says electronic verification systems the financial sector is using to detect money laundering and terrorism financing still aren't up to scratch. While firms are generally getting better at meeting their obligations under the 2009 legislation, more are using electronic identity verification systems and they are not always integrating those with their other protocols for stopping money laundering and countering the financing of terrorism. Deficiencies the FMA no...

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