New Zealand FMA added two new companies to its warning list today – Tiger Brokers (NZ) Limited and Profit Bitcoin.
FMA issued a formal warning to New Zealand Exchange-accredited broker Tiger Brokers for failing to put proper anti-money laundering protections in place. The agency privately warned six other businesses for their anti-money laundering practices.
The regulator identified the issues as part of a ongoing monitoring of around 800 businesses that report to the FMA.
The New Zealand watchdog found that Tiger Brokers failed to:
conduct adequate customer due diligence where required.
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.
Independent writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.