FMA issues AML/CFT warning to Circle Markets Limited
The Financial Markets Authority (FMA) has issued a formal warning to a non-licensed derivatives issuer and forex provider, Circle Markets Limited, under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT).
Following a review of a sample of client files at an onsite monitoring review, the FMA found that Circle Markets Limited had failed to:
- adequately verify identity information for some customers, as per standard customer due diligence.
- obtain additional identity requirements and verify the identity requirements for enhanced customer due diligence for a customer, such as source of the funds or the wealth of the customer.
- take reasonable steps to determine whether a customer or any beneficial owner, is a politically exposed person.
- conduct adequate ongoing customer due diligence for some customers and undertake account monitoring.
View the formal warning issued to Circle Markets Limited (CML, FSP460986) for purposes of section 80 of Anti-Money Laundering and Countering Financing of Terrorism Act 2009