HMRC Hands Out Record £7.8m Fine For AML Failures

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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


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