8 February 2017
The Financial Markets Authority (FMA) has issued a formal warning to 12 reporting entities under section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act (the Act).
Under section 59(2) of the Act, the FMA required reporting entities to submit their audit of their Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) risk assessment and AML/CFT programme by 25 November 2016.
Twelve reporting entities were found to be non-compliant with the law. Nine reporting entities failed to provide their audit, two did not respond to the FMA’s request while one did not submit an AML/CFT annual report as legally required.