FMA issues formal warning Craigs Investment.
By Eric on Friday,
The Financial Markets Authority (FMA) has these days issued a formal warning to Craigs Investment Partners Limited (Craigs) underneath section eighty of the Anti-Money washing and Countering finance of act of terrorism Act 2009 (the AML/CFT Act). FMA issues formal warning Craigs Investment.
Section 22 of the AML/CFT Act needs covered entities to conduct increased due diligence for clients wherever the level of risk concerned is such this higher standard of client due diligence ought to apply. Craigs admits that it breached the AML/CFT Act in that it didn’t conduct adequate enhanced due diligence and/or didn’t end its relationship with a client once it had been unable to finish the specified level of client due diligence on its client.
FMA issues formal warning Craigs Investment, In the FMA’s view, there were deficiencies with Craigs’ AML/CFT compliance program after the introduction of the AML/CFT Act on 30 June 2013 in that it did not contain a cohesive process for escalating, monitoring and managing AML/CFT issues and ensuring compliance with the AML/CFT compliance program and Craigs had not maintained enough written records to the due diligence process.
The FMA acknowledges that since 2014 Craigs has taken steps to much improve its AML/CFT compliance programs and has also introduced a range of initiatives which will cut the chances of similar breaches occurring in the future.
Craigs have also agreed to appoint an independent party to find any further areas that may aid with the continued improvement of its AML/CFT compliance program.