Britain's tax authority on Thursday disclosed its largest penalty to date for anti-money laundering violations, fining MT Global Limited, a small money services business in Luton, England, a record £23.8 million. HM Revenue and Customs found in a notice that from July 2017 to December 2019, MT Global committed "significant" infractions by failing to conduct proper risk assessments, develop "fundamental" customer due-diligence procedures and otherwise employ effective AML policies and controls. HMRC's previous record penalty came in September 2019, when the agency ordered Touma Foreign Exchange, an MSB in London, to pay £7.8 million for flouting AML rules. Officials did...
The United Kingdom's HM Revenue and Customs announced the issuance of a record £23.8 million fine against a money service business for breaching anti-money laundering regulations.
print