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HMRC cracks down on ML breaches

HMRC has updated its list of actions against businesses that are not complying with the MLR and published details of a £7.8m fine levied on a money transmitter.  It imposed the fine on Touma Foreign Exchange Ltd after the firm breached several parts of the MLR, including on risk assessments, policies, controls and procedures, fundamental CDD measures and staff training. It also banned the owner from any management roles at a business covered by AML legislation, after finding him not fit and proper to act as an officer. The actin was part of a crackdown on MSBs that were at risk of being used for money laundering to fund organised crime and followed investigations by the Metropolitan Police and HMRC. The initiative also led to the imprisonment of an individual for trading as an MSB wtihout registering with HMRC.

 

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Emma Radmore