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, 2021Changes 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, 2021The 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, 2021Underwriters and distributors are directed to ensure their systems, processes and controls facilitate good customer outcomes.
September 24, 2021The court said CDD requirements were clearly subordinated to the continuation of CLSA Premium NZ's relationship with high net worth customers.
September 14, 2021The FMA has ordered Sharesies to amend its onboarding process and implement a process to complete identity verification at onboarding.
August 24, 2021The 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, 2021New Zealand’s FMA is considering introducing a class exemption for insolvent FMC reporting entities from certain financial reporting obligations.
August 12, 2021AIA's remediation process is complete and it has reviewed its systems and processes to make sure the breaches did not recur.
August 2, 2021Under New Zealand's new financial advice regime, many individuals and entities have not previously been subject to compliance obligations for cybersecurity.
July 30, 2021