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.