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29 August 2021

Sharesies Limited and Sharesies Nominee Limited

August 2021 - The FMA formally warned Sharesies Limited and Sharesies Nominee Limited for failing to have sufficient anti-money laundering procedures, policies, and controls in place. The issues were identified during ongoing monitoring of compliance. 

In the FMA’s view, Sharesies had failed to:

  • obtain information about the nature and purpose of the proposed business relationship from most customers
  • obtain sufficient information to determine whether certain customers should be subject to enhanced customer due diligence
  • complete identity verification for up to 7,815 customers who had an account balance of more than $1000 as part of standard customer due diligence.

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