UK Payments Group Disbands After Former Chief is Charged with Money Laundering

By Koos Couvée

A U.K. industry group for remittance firms will close down after suffering a "fatal reputational blow" from charges of money laundering and other offenses against its former chairman last month. Dominic Thorncroft, who led the Association of U.K. Payment Institutions, or AUKPI, for 14 years until his resignation in November of last year, appeared at Southwark Crown Court in London on Sept. 3 to answer to charges of money laundering, violating anti-money laundering regulations, failing to report suspicious activity and wrongfully obtaining funds. Thorncroft, 56, from southeast London, has pleaded not guilty to the charges, but the case against him...