An online foreign exchange and options broker has been formally warned for its lax anti-money laundering processes. It was one of seven businesses reprimanded for their anti-money laundering practices, the FMA said. Anti-money laundering laws are designed to make it difficult for terrorists and criminals to move money around. READ MORE:* Lawyer admits money laundering* Finance company fined $4 million for anti-money launderingThe FMA is responsible for monitoring around 800 businesses for anti-money laundering processes under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. "Many of the private warnings relate to independent audits of anti-money laundering systems.

Source: Stuff April 05, 2020 23:26 UTC