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FMA warns on high-risk of crypto money laundering

Dan Brunskill
Tue, 07 Dec 2021

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
Tue, 07 Dec 2021
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...

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