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19 October 2022

InvestNow Saving and Investment Service Limited

The FMA has issued a formal warning to InvestNow Saving and Investment Service Limited for failing to comply with the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act.

In the FMA’s view, InvestNow failed to:

  • complete standard customer due diligence, including
    • obtaining sufficient information about the nature and purpose of the proposed business relationship from customers
    • taking reasonable steps to complete identity verification of customers and beneficial owners
  • conduct ongoing and/or enhanced customer due diligence on certain customers, including taking reasonable steps to verify source of wealth or funds
  • establish, implement and maintain an adequate and effective AML/CFT programme

The FMA requires InvestNow to complete a number of actions to meet its obligations under the Act in the future.