“Given MT5’s newer technology, we can only expect improved sustainability of the platform, a key advantage that it has over its older counterpart. Most certainly, with the new and improved resources available on our MT5 platform, the trading possibilities for our clients will be vastly multiplied.”
While many traders might still be attached to the MT4 platform, its successor has faster processing times and a wider range of tools and indicators. And as brokers keep up with demand from retail investors who are increasingly motivated to trade stocks, MetaTrader 5 comes as more suitable for equities and other asset classes.
In 2017, Fullerton Markets was subject to regulatory action from the New Zealand’s FMA. A formal warning was issued to the then Wellington-based retail FX broker over suspected non-compliance with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The company engaged in conduct that constitutes a civil liability act under the AML/CFT Law, the regulator alleged.
The FMA alleged the broker failed to carry out checks on politically exposed persons and relied on self-declarations by clients. In addition, the firm confirmed that only accounts in excess of USD 100,000 were monitored, unlike what is required by law in New Zealand.
The supervisor instructed the company to implement an AML/CFT risk assessment and compliance program to the required standard, as well as proper onboarding and KYC procedures and appropriate level of transaction monitoring rules. Otherwise, the FMA would take civil action that could result in penalties of $2 million per offence.
Facing such regulatory pressure, Fullerton Markets decided to voluntarily deregistered itself as a New Zealand entity in 2018 and move to Saint Vincent and the Grenadines as an offshore retail FX broker.
