MT SecureTrade Limited (t/a guts.com, rizk.com) Public statement
- Anti-money laundering – breaches of:
Licence condition 188.8.131.52 - Licensees must conduct an assessment of the risks of their business being used for money laundering and terrorist financing.
Licence condition 184.108.40.206 and 220.127.116.11 – Having regard to the risk assessment, licensees must have appropriate policies, procedures and controls to prevent money laundering and terrorist financing and such policies, procedures and controls are implemented effectively, kept under review and revised appropriately.
Licence condition 12.1.2 – Anti-money laundering measures for operators based in foreign jurisdictions requiring compliance with Money Laundering Regulations 2007 (opens in new tab). (superseded by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (opens in new tab)).
- Customer interaction – Failure to comply with code of practice - Social Responsibility Code 3.4.1. Compliance with a social responsibility code of practice is a condition of the operating licence by virtue of section 82(1) of the Act.
- Personal management offices – Breach of licence condition 1.2.1 requiring operators to ensure specified management offices are held by personal management licence (PML) holders.
- Key event notification - Breach of licence condition 15.2.1 relating to key event notifications in respect of reporting changes in the holders of management offices.
Operators are expected to consider the issues here and review their own practices to identify and implement improvements in respect of the management of customers.