Payments Firm Fined Record £23.8M For AML Failings
Law360, London (January 7, 2021, 1:02 PM GMT) -- The U.K. government said on Thursday that it has slapped a money transfer company with a record £23.8 million ($32.3 million) fine for "significant breaches" of anti-money laundering regulations.
HM Revenue and Customs said it has handed its largest-ever fine for breaches of the U.K.'s anti-money laundering regulations to MT Global Ltd., a money transfer and payment services company based near London. The company carried out inadequate customer due diligence, poor record-keeping and poor risk assessments, the tax agency said.
"Businesses who fail to comply with the money laundering regulations leave themselves and the U.K. economy open to attacks by criminals," Nick...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!