1. Compliance
  2. AML/CFT
  3. AML/CFT Formal Warnings
  4. Circle Markets Limited

Circle Markets Limited

Page last updated: 18 October 2019

FMA issues AML/CFT warning to Circle Markets Limited

The Financial Markets Authority (FMA) has issued a formal warning to a non-licensed derivatives issuer and forex provider, Circle Markets Limited, under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT).

Following a review of a sample of client files at an onsite monitoring review, the FMA found that Circle Markets Limited had failed to:

  • adequately verify identity information for some customers, as per standard customer due diligence.
  • obtain additional identity requirements and verify the identity requirements for enhanced customer due diligence for a customer, such as source of the funds or the wealth of the customer.
  • take reasonable steps to determine whether a customer or any beneficial owner, is a politically exposed person.
  • conduct adequate ongoing customer due diligence for some customers and undertake account monitoring.

See media release.