The Financial Markets Authority (FMA) of New Zealand has filed civil proceedings against InvestNow Saving and Investment Service Ltd, which trades as InvestNow, for alleged breaches of the Anti-Money Laundering and Countering of Terrorism Act 2009 (AML/CFT Act).
The FMA alleges that InvestNow breached the AML/CFT Act by failing to establish, implement and maintain an adequate AML/CFT programme and failing to obtain information on the nature and purpose of the proposed business relationship between customers and InvestNow.
The regulator also alleges that InvestNow failed to conduct enhanced customer due diligence, failed to adequately conduct account monitoring, and failed to terminate business relationships when required.
