All posts tagged "FMA"
-
228Australia & NZNew Zealand FMA Censures Derivatives Issuer FIRMA NZ
Firma NZ failed to conduct product suitability tests for clients and to regularly provide statements to investors. The contraventions were "persistent and systemic".
October 12, 2021 -
346AML / KYCNew Zealand Consults on Broad Changes to AML/CFT Act
Changes being considered include the introduction of a new registration regime for all AML/CFT businesses, a licensing regime for VASPs, and direct penalties for senior managers.
October 8, 2021 -
274AML / KYC
NZ FMA Toughens Approach to AML Non-Compliance
The FMA's James Greig noted a lower tolerance for AML/CFT non-compliance, given the regime has been in place for eight years.
October 1, 2021 -
245Australia & NZ
NZ FMA Finds “Poor Value” in Credit Card Repayment Insurance
Underwriters and distributors are directed to ensure their systems, processes and controls facilitate good customer outcomes.
September 24, 2021 -
452AML / KYCNZ Court Fines CLSA Premium NZ for AML/CFT Breaches
The court said CDD requirements were clearly subordinated to the continuation of CLSA Premium NZ's relationship with high net worth customers.
September 14, 2021 -
341AML / KYC
FMA Identifies AML Breaches by Investment Platform Sharesies
The FMA has ordered Sharesies to amend its onboarding process and implement a process to complete identity verification at onboarding.
August 24, 2021 -
218Australia & NZ
FMA Files Suit Against Company Director Over Online Posts
The CEO of NZX-listed New Talisman Gold Mines made false and misleading representations in an online investor forum without disclosing his involvement with the company.
August 16, 2021 -
175Australia & NZ
FMA Proposes Financial Reporting Exemptions for Insolvent Firms
New Zealand’s FMA is considering introducing a class exemption for insolvent FMC reporting entities from certain financial reporting obligations.
August 12, 2021 -
169Australia & NZAIA New Zealand Faces Penalty for Misleading Customers
AIA's remediation process is complete and it has reviewed its systems and processes to make sure the breaches did not recur.
August 2, 2021 -
271Australia & NZ
NZ FMA Issues Cyber Resilience Guidance for Financial Advisers
Under New Zealand's new financial advice regime, many individuals and entities have not previously been subject to compliance obligations for cybersecurity.
July 30, 2021
