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.