Inspection Reason

The inspection team continued to inspect forex brokers’ authenticity through field survey campaign. For this session, The inspection team went to New Zealand to visit AGM. 

Office

According to its regulation details, the New Zealand broker AGM had its head office at Ecs Limited, Level 10, 21 Queen Street, Auckland. The inspection team came to this place for a field survey. 

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The surveyors found the office building according to the address. They took an elevator to the 10th Floor and found that the entire floor belonged to an office rental company called REGUS. As a common practice, the company would provide its own address as the mailing address for companies that are poised to move here but have not yet done so. The survey staff asked the front desk staff whether a company called AGM was based here. After checking records, the front desk staff replied that none such a company was here.  

Conclusion 

A field investigation according to the address it provided did not find AGM’s office in New Zealand. The company claims to be holding a Financial Services Provider license (334526) issued by FSPR. However, we have checked with the authority and discovered that the registration and license details claimed by it suspectedly belonged to another entity, let alone registration with FSPR and being listed as a Financial Services Provider does not mean it is a legit forex broker under New Zealand regulation.