FMA warns company under anti-money laundering act

The warning is under section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act (the Act).

Under section 59(2) of the Act, the FMA required MSL to perform an audit of its Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) risk assessment and AML/CFT programme by 31 October 2014 and to provide the FMA with a copy of the audit by 28 November 2014. MSL failed to perform its audit and provide a copy of the audit report to the FMA.

The FMA expects every reporting entity that it supervises to have an audit completed every two years or when it is requested. A copy of the audit report must also be provided when specifically requested, as required under section 59(7) of the Act.

The FMA notes that the company has now taken action to undertake the audit and has committed to providing the FMA with a copy of the audit report.