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U.K. Fines Forex Company and Compliance Officer Ł154,000 for AML Problems

By Colby Adams

The United Kingdom's chief financial regulator on Wednesday fined a foreign exchange brokerage and its former compliance officer over 150,000 pounds for lax anti-money laundering safeguards and questionable trading practices. Between September 2006 and November 2008, London-based Alpari Ltd failed to monitor for suspicious activity and apply effective customer due diligence procedures when opening accounts, the U.K. Financial Services Authority (FSA) said. The regulator fined the company 140,000 pounds and a former compliance officer, Sudipto Chattopadhyay, 14,000 pounds. Both Alpari and Chattopadvay could have paid more, but the agency reduced the fines by 30 percent in part because Alpari self-reported...

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