FMA warns on high-risk of crypto money laundering

FMA warns on high-risk of crypto money laundering
FMA director of supervision James Greig said it was essential providers understood the risks involved. (Photo: supplied)
Dan Brunskill
The Financial Markets Authority has deemed cryptocurrencies and derivatives as high-risk for money laundering and terrorism financing.An update to the regulator’s 2017 sector risk assessment has classed both virtual assets and derivative issuers with the highest possible risk rating.Previously, client money managers such as brokers or custodians were considered the riskiest category with a ‘medium-high’ rating. Activities like peer-to-peer lending and equity crowdfunding were considered a ‘medium-low’ risk.The Fina...

More Markets

NZ market flat: Tower rises
Markets

NZ market flat: Tower rises

The index declined 0.67% this week.

Graham Skellern 12 Apr 2024
CRP's trading halt lifted after clarifying fast-track statements
Primary Sector

CRP's trading halt lifted after clarifying fast-track statements

Chatham Rock Phosphate said it had been requested to apply for the new regime.

Ian Llewellyn 12 Apr 2024
Carbon markets reveal more about policy than politicians
Primary Sector

Pattrick Smellie: Carbon markets reveal more about policy than politicians

The sluggish carbon price tells what you need to know about climate policy.

Pattrick Smellie 12 Apr 2024
Who Fletcher's new CEO called in his first days
Markets

Who Fletcher's new CEO called in his first days

Nick Traber has to rebuild confidence in the embattled construction giant.