The officer in question, Rupert Nathan, submitted an application to be able to perform the CF1, CF10, CF11 and CF30 functions on behalf of his employer.
However, the regulator refused to approve him for the CF10 and CF11 functions, which are compliance oversight and money laundering reporting officer roles.
In a final notice published Wednesday, the FCA concluded that it was “not satisfied that Mr Nathan is a fit and proper person” to carry out said controlled functions.
According to Nathan’s CV he has “held senior management and compliance roles in internet-based financial services” with various firms, since arriving in London from Australia in 1999.
Most recently, he served as head of compliance for a firm operating in the contract for difference (CFD) market, where he performed both the CF10 and CF11 functions.
Before that, he was COO and head of compliance at a UK wealth management firm, during which time he also executed compliance oversight and money laundering checks.
Among the reasons why he was rejected, the FCA said that Nathan “failed to provide sufficiently detailed responses” to its questions on the compliance and anti-money laundering responsibilities that he wished to assume with the firm.
Furthermore, the regulator found he was unable to demonstrate an adequate appreciation of how CFDs could be used to launder money nor the appropriate processes required to mitigate risks.
Following the FCA’s warning notice, Nathan was dismissed from Goldenway Global Investors.
