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CLSA Premium slapped with $770,000 anti-money laundering fine

Business Scoop » CLSAP (formerly KVB Kunlun) ordered to pay $770,000 for anti-money laundering breaches

Derivatives trader CLSAP NZ admits anti-money laundering law breaches in case with FMA

Derivatives trader CLSAP NZ admits anti-money laundering law breaches in case with FMA 5 May, 2021 10:23 PM 6 minutes to read CLSA Premium New Zealand has admitted to anti-money laundering breaches. Photo / File NZ Herald A Kiwi derivatives trading firm and subsidiary of a Hong Kong company has admitted breaching anti-money-laundering laws after action was taken by the regulator. CLSA Premium New Zealand Limited (CLSAP NZ) was accused of nearly $50 million in suspicious transactions in a civil case filed in the High Court at Auckland by the Financial Markets Authority (FMA) in June last year. Today, the FMA said the Auckland-based company has admitted it breached the Anti Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. The markets watchdog had alleged the company failed to comply with its legal obligations between April 2015 and November 2018.

auckland.scoop.co.nz » CLSAP (formerly KVB Kunlun) Admits To Anti-money Laundering Breaches

Press Release – Financial Markets Authority CLSA Premium New Zealand Limited (CLSAP NZ) has admitted to breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act, following proceedings brought by the Financial Markets Authority – Te Mana Tātai Hokohoko (FMA). The FMA filed proceedings in June 2020, in the Auckland High Court, alleging CLSAP NZ failed to comply with its obligations under the AML/CFT Act between April 2015 and November 2018. CLSAP NZ and the FMA have filed an agreed statement of facts in which CLSAP NZ has admitted the following breaches of the AML/CFT Act: Failure to conduct customer due diligence as required by Part 2 of the AML/CFT Act;

Derivatives trader CLSAP NZ admits to anti-money laundering law breaches in case with FMA

Finance firm CLSA Premium recorded $15m loss before FMA imposed restrictions on trading

Finance firm CLSA Premium recorded $15m loss before FMA imposed restrictions on trading 16 Mar, 2021 04:42 AM 3 minutes to read Last year the FMA launched proceedings against CLSAP NZ alleging breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. Duncan Bridgeman is head of premium business content for the New Zealand Heraldduncan.bridgeman@nzherald.co.nz@Dunc1000 Financial services firm CLSA Premium NZ, formerly KVB Kunlun, slumped to a $15m loss prior to being effectively shut down by the Financial Markets Authority for failing to meet audit and assurance requirements. In accounts just filed to the Companies Office, CLSAP NZ showed a net loss of $14.97m in the year ended December 31, 2019 as operating income tumbled from $77.9m to just $3.26m.