AML warnings issued
The regulator has also privately warned six other businesses for their anti-money laundering practises, mainly due to late auditing of their systems and controls.
In the FMA’s view, Tiger Brokers had failed to:
• adequately conduct enhanced and ongoing customer due diligence where required
• adequately verify relevant customer identification documents
• obtain adequate source of fund or wealth information relating to high risk customers, and take reasonable steps to verify that information
• report suspicious activity to the relevant authorities within three working days after forming a suspicion
• take reasonable steps to determine whether a customer or any beneficial owner, is a politically exposed person.
Tiger Brokers must prepare and submit a plan to the regulator before April 17, describing how and when it will amend the issues to become compliant. It must then complete these actions by September 30 or it will face enforcement action.
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