FMA sues InvestNow over historic AML breaches

InvestNow has more than $2 billion in funds under management. (Image: BusinessDesk)

Fri, 20 Dec 2024

The Financial Markets Authority has filed civil proceedings against investment platform InvestNow over historic breaches of anti-money laundering regulations.InvestNow’s Mike Heath said the company was “disappointed” by the decision, which relates to alleged breaches between late 2018 and late 2022.Founded in 2017, InvestNow offers investors a portal to manage funds and its own KiwiSaver products. It was recently reported to be managing more than $2 billion in funds.The company has cooperated with the Financial Markets Authori...

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