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September 4, 2019

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.

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