The New Zealand watchdog found that Tiger Brokers failed to:
- conduct adequate customer due diligence where required.
- verify relevant customer identification documents.
- obtain source of fund or wealth information for high risk customers, and take reasonable steps to verify that information.
- report suspicious activity to the relevant authorities within set time frame.
- take steps to determine whether a customer or any beneficial owner, is a politically exposed person.
Tiger Brokers must submit a plan for fixing the identified issues until 17 April and complete the steps in the plan by 30 September.
FMA is also concerned that Profit Bitcoin and the website, https://theprofitbtc.com/ may be involved in a scam. The regulator became aware that the company is promoting on Facebook false news about the government’s initiatives along with an image of New Zealand’s Prime Minister.
The regulator also stated that Profit Bitcoin is not registered as financial service provider in New Zealand.
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