• Register
Return to: Home > News > Record £7.8m fine in UK money laundering crackdown

Record £7.8m fine in UK money laundering crackdown

A UK business that breached money laundering regulations has been hit with a record fine by HMRC. West London money transmitter Touma Foreign Exchange Ltd ignored anti-money laundering regulations and received a £7.8m penalty.

The company was fined by HMRC for a wide range of serious failures under the Money Laundering Regulations. 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

Hassanien Touma was banned on 20 May 2019 from any management roles at a business governed by anti-money laundering regulations. The fine was announced following a separate HMRC, Metropolitan Police (MPS) and Financial Conduct Authority month-long crackdown on money services businesses at risk of being used for money laundering to fund organised crime, such as drug trafficking, violent crime and terrorism.

Top Content

    South Africa: sensing new opportunities

    It has been an interesting couple of years for the profession in South Africa. A number of high-profile scandals have brought the profession and the role of auditors into sharp public focus, brewing a distrust towards accountants and a large expectations gap. Joe Pickard reports.

    read more

    Ghana: a quest for consistency

    Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

    read more

    Drone technology: audit takes to the skies

    The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

    read more

    SBC: a new alliance joins the market

    Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.