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.

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