29 October 2021

Sharesies Limited and Sharesies Nominee Limited

The FMA has issued a formal warning to 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.

Download the formal warning report to Sharesies

Read the full media release issued about the formal warning report to Sharesies