Sweden's primary financial regulator fined Swedish currency trading company Forex AB $7.1 million for failing to correct deficiencies in its anti-money laundering management systems, the agency said Wednesday. Finansinspektionen said the problems were "so serious" that it had issued a warning in tandem with the fine, the maximum allowed under Swedish regulations. "The deficiencies have been identified in every part of the transaction chain and there is subsequently a great risk that Forex is being used for money laundering," the agency said, in a statement. Problems existed in all areas of Forex's anti-money laundering (AML) management, including the company's rules...
The United Kingdom’s chief financial regulator on Wednesday fined a foreign exchange brokerage and its former compliance officer more than £150,000 for lax anti-money laundering safeguards and questionable trading practices.
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