UK authorities have handed a record £7.8m fine to a West London money transmitter after uncovering a “wide range of serious failures” to prevent money laundering, following a long-awaited crackdown on the sector.
HM Revenue & Customs (HMRC) announced this morning that Touma Foreign Exchange Ltd had been deemed in breach of anti-money laundering requirements between June 2017 and September 2018.
The company was accused of breaching risk assessment and record-keeping requirements, as well as lacking “fundamental” customer due diligence measures and failing to provide adequate staff training.
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