UK broker faces £6.4m fine for ‘serious’ AML failures

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Anti-Money Laundering


Kathryn Westmore, senior Research Fellow at the Centre for Financial Crime and Security Studies (CFCS) at the Royal United Services Institute (RUSI) said that, given its been six years since the problems identified by the FCA were resolved, there were probably a lot of "behind the scenes" discussions happening. “The Final Notice contains a comprehensive list of failures by the firm, continuing well after they were first told that they were under scrutiny from the FCA,” Westmore told FStech. “Almost every aspect of the firm's AML systems and controls was found to be inadequate and it's clear that the firm did not initially respond to the FCA's concerns as fast or effectively as they should have”.