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

NZX 50 ends the week down 1.5% in flurry of index reweighting
Markets Market close

NZX 50 ends the week down 1.5% in flurry of index reweighting

The S&P/NZX 50 index dropped 89.42 points, or 0.8%, to 11,682.39.

Paul McBeth 21 Jun 2024
KMD Brands guidance undershoots analysts' forecasts
Retail

KMD Brands guidance undershoots analysts' forecasts

Group sales between February and May have fallen 8.4% year-on-year.

Analysts downgrade Channel Infrastructure
Infrastructure

Analysts downgrade Channel Infrastructure

The move follows BP's selling its stake.

Ian Llewellyn 21 Jun 2024
NZ shares rally as economy edges out of recession
Markets Market close

NZ shares rally as economy edges out of recession

The S&P/NZX 50 index rose 100.62 points, or 0.9%, to 11,771.81.

Paul McBeth 20 Jun 2024