15 December 2022
Pencarrow Private Equity Management Limited - Formal Warning
We have formally warned Pencarrow Private Equity Management Limited for breaching record-keeping requirements under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act.
Our investigation found Pencarrow had systemic failings in its retention of identity and verification records for customers who invested in its Fund V, during the period April to July 2018, in that the records were not readily accessible.
Our investigation found Pencarrow had systemic failings in its retention of identity and verification records for customers who invested in its Fund V, during the period April to July 2018, in that the records were not readily accessible.