Criminals exploit ‘weak links’ like Sharesies’ AML lapse – FMA

Sharesies says money laundering breaches were not deliberate, but they are trying to lift their game. (Image: Supplied)

Tue, 24 Aug 2021

The Financial Markets Authority says criminals target fast-growing financial services like Sharesies to take advantage of regulatory compliance gaps.Yesterday, the regulator gave the investment platform a formal warning for failing to complete the identification process for 2% of its customers and two other breaches of the anti-money laundering act.The regulator said it didn’t think the breaches were deliberate, rather it was “symptomatic of a business that has grown quickly” without sufficient processes in place.FMA supervisi...

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