FMA warns InvestNow over AML failure

Wed, 19 Oct 2022

The Financial Markets Authority (FMA) has given online investment platform InvestNow a formal warning for failing to comply with anti-money laundering requirements.The regulator said it identified problems during routine monitoring for compliance with the Anti-Money Laundering and Countering Financing of Terrorism Act.InvestNow failed to obtain enough information about its customers and verify their identities, it said.“InvestNow failed to ensure it had the appropriate processes and controls to identify and respond to anomalies. Additiona...

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