HMRC announce record fine for money laundering offence
Released 04 September 2019
HMRC have published details of a record fine imposed on a London business for breaching strict anti-money laundering regulations.
West London money transmitter Touma Foreign Exchange Ltd ignored anti-money laundering regulations and received a £7.8 million penalty. According to HMRC, between June 2017 and September 2018, the business breached rules on:
•risk assessments and associated record-keeping;
•policies, controls and procedures;
•fundamental customer due diligence measures;
•adequate staff training.
Further information can be found here.