Tiger Brokers, a platform for trading derivatives and stocks, was fined $900,000 at the High Court in Auckland for many violations of the anti-money laundering rules.
The Financial Markets Authority Te Mana Ttai Hokohoko (FMA) took up the case. According to the FMA, Tiger Brokers acknowledged failing to perform adequate consumer due diligence on clients.
As required by the Anti-Money Laundering and Countering Financing of Terrorism Act, it also failed to stop doing business with customers on whom it was unable to do the necessary customer due diligence checks.
Additionally, it did not notify authorities about any suspicious activity, and it did not maintain the documents that were required by anti-money laundering legislation.
According to the FMA, as a result of Tiger’s violations between April 2019 and January 2020, almost $60.8 million was transferred through New Zealand’s financial system without the necessary checks and controls in place.
At least 3768 consumers were not properly investigated for money laundering by the company.
Its failure to maintain accurate records was much more widespread, according to the FMA, affecting transactions with a gross total value of between $3.6 billion and $35.2 billion and 69,705 to 126,230 clients.
All about Tiger Brokers
Tiger Brokers is a global online brokerage firm that provides services for trading stocks, options, futures, and other financial instruments. Founded in 2014, Tiger Brokers has gained popularity for its user-friendly platforms and competitive pricing.
The company is headquartered in Beijing, China, but it operates in multiple countries, including the United States, Singapore, Australia, and New Zealand. Tiger Brokers aims to make international trading more accessible to individual investors by offering innovative trading technologies and comprehensive market data.
One of the key features of Tiger Brokers is its mobile trading app, Tiger Trade, which allows users to trade securities on various global exchanges with real-time market data, customizable charts, and advanced trading tools. The platform supports trading in markets such as the New York Stock Exchange (NYSE), NASDAQ, Hong Kong Stock Exchange (HKEX), and Shanghai Stock Exchange (SSE), among others.
Tiger Brokers has garnered attention for its strong focus on technology and innovation. The company utilizes artificial intelligence (AI) and big data analytics to enhance trading efficiency and provide personalized investment recommendations. Additionally, Tiger Brokers has implemented cutting-edge security measures to protect user data and ensure a secure trading environment.