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. From June 2017 to September 2018, Touma Foreign Exchange failed to assess, document and control risks posed by financial criminals, establish anti-money laundering policies, train staff for compliance purposes and meet basic expectations of customer due diligence, HM Revenue and Customs disclosed Wednesday. "MSBs are one of the sectors that criminals really target, and this action is part of a wider program of activity...
The United Kingdom's HM Revenue and Customs issued a fine against the Greenford, UK-based money transmitter for its breach of anti-money laundering regulations.
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