The former chairman of a U.K. group that represents the payment services industry appeared in court in London to answer to charges of money laundering, violating anti-money laundering regulations, failing to report suspicious activity and wrongfully obtaining funds. Dominic Thorncroft, 56, who led the Association of U.K. Payment Institutions, or AUKPI, for 14 years until his resignation in November of last year, pleaded not guilty on Sept. 3 to the charges, which involve transactions handled by VS1 Business Services, a London-based remittance company he previously co-owned and ran. Corporate records indicate that he resigned as director of the money services...
A money services business in west London must pay a record £7.8 million to resolve a "wide range" of compliance violations amid a broader government crackdown on drug trafficking and money laundering in the U.K. capital.
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