Fullerton Markets gets warning from New Zealand’s FMA

Discussion in 'Forex Brokers' started by mlawson71, Dec 1, 2017.

  1. Warnings against various brokers from regulators are a dime a dozen, but this one got a warning from the supervisor under the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act).

    According to the FMA announcement, a compliance inspection found that the broker does not have adequate risk assessment and AML/CFT compliance programs. Worse still, Fullerton failed to carry out customer due diligence in line with the Amended Identity Verification Code of Practice. For example, failed to fully identify clients who are a politically exposed person (an individual with a prominent public function), particularly foreign politicians, as required by law.

    Apparently they may be fined with NZ $2 million for each infraction.
     
  2. zdreg

    zdreg

    Last edited: Dec 3, 2017
  3. I read about that during the weekend. It's an odd clause to add to a contract about the purchase of a farm...
     
  4. zdreg

    zdreg

    the clause is not odd for a small country that doesn't want to be bought out by the MOB.
     
    mlawson71 likes this.
  5. True. That hadn't occurred to me actually, thank you for pointing it out.
     
  6. traderjo

    traderjo