FMA dishes out AML warnings
The Financial Markets Authority is responsible for financial advisers under the regime.
It carried out a risk-based assessment of independent audit reports for reporting entities it supervises in February this year, targeting 69 reporting entities. The FMA supervises around 800 reporting entities, of whom roughly two-thirds define themselves as advisers.
It gave five formal warnings to reporting entities for failing to have their risk assessment and AML/CFT programme audited every two years. Another five formal warnings were given to reporting entities who had their risk assessment and AML/CFT programme audited, but where the audit was not done in a timely manner, occurring months after its due date.
Another 14 desk-based reviews and four monitoring visits will be carried out in response to this work.
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