Taxman Fines Forex Bureau Record £7.8M For AML Failings
Law360, London (September 4, 2019, 3:21 PM BST) -- A London foreign exchange bureau has been fined a record £7.8 million ($9.5 million) for ignoring anti-money laundering laws designed to prevent the flow of illicit money generated by criminals, Britain’s tax authority said Wednesday.
The foreign exchange bureau has been fined a record £7.8 million ($9.5 million) for “serious failures” under money laundering regulations, HM Revenue & Customs has said. (iStock) Touma Foreign Exchange Ltd. was fined for “serious failures” under money laundering regulations, HM Revenue & Customs said as it announced details of the penalty, the largest of its kind. Breaches committed between 2017 and 2018 included poor record-keeping, a lack...
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