The London-based money service business, Touma Foreign Exchange, is alleged to have breached AML regulations between June 2017 and September 2018.
The fine comes amid a crackdown by HMRC, the Metropolitan Police and the Financial Conduct Authority (FCA) on money service businesses.
According to HMRC, these businesses –responsible for transmitting or converting money – are particularly at risk of being used for money laundering.
Between 2017 and 2018, Touma Foreign Exchange failed to follow rules related to risk assessments and associated record keeping; policies, controls and procedures; fundamental due diligence measures; or providing adequate staff training.
In May, director of the company Hassanien Touma was banned from any management roles where AML regulations applied.
Read the original article here: economia.icaew.com
Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.