As part of its ongoing compliance monitoring, the Financial Markets Authority (FMA) has recently identified some issues with the online investing platform Sharesies’ anti-money laundering procedures, policies and controls. The concern is largely around information gathering and due diligence when onboarding new customers.
It is not alleged the Wellington-based company has allowed or enabled money laundering or the financing of terrorism. Sharesies is cooperating with the FMA to meet its legal obligations and have said at no point have any customer funds been at risk, nor did they consider any of the contraventions deliberate. The regulator said Sharesies must obtain information from all its current customers to show their reasons for using the platform and amend its onboarding process to capture this information in the future.
FMA Director of Supervision James Greig said the FMA welcomed how online investing platforms have opened up the investing landscape in New Zealand. However, it is essential for fast-growing businesses to ensure their compliance processes and policies keep pace. To read the full media release from the FMA, please click HERE.
PMG partnered with Sharesies on a recent capital raise for PMG Generation Fund, which attracted more than 1,700 new investors through this platform. PMG has received assurance from Sharesies that any client invested in the Fund is compliant, or will soon be compliant, with the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act as required by law.
PMG takes compliance with all legislation very seriously and is confident that Sharesies has or is taking the necessary steps to ensure ongoing compliance with AML laws.
If you have any questions regarding PMG’s partnership with Sharesies, please reach out to your local Investor Relationships Manager.
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