Fill in some text

Tiger brokers ordered to pay a  penalty of $900,000 

Tiger brokers is a Singapore based firm which is in trouble due to the reasons

Fill in some text

1. The Australian court has fined Tiger Brokers for voilating the AML and CFT law between year 2019 and 2020.

2. Tiger brokers is a chinese-backed broker firm which was found to be involved in the suspicious activities as per The Financial Markets Authority (FMA).

3.The Financial Markets Authority (FMA), the local regulatory market watchdog,brought proceedings against the Singapore based firm.

4.As per FMA, between April 2019 and January 2020, around NZ$60.8 million was transacted through New Zealand’s financial system.

5. Tiger brokers admitted to fail to conduct customer due diligence and to report suspicious activities.

6. Also, failed to terminate the business relationship with any customer where it was unable to conduct customer due diligence and to keep records as required by the AML/CFT Act.

7. At least 3,768 customers were affected due to the firm's record keeping and due diligence failure.

9. The judgment reinforces the importance of these laws in maintaining the integrity of New Zealand’s financial markets.