FOREX BUSINESS IN RECORD £7.8 MILLION MONEY LAUNDERING FINE ‘IGNORED REGULATIONS’

Accountancy Daily on 4th September reported that Touma Foreign Exchange Ltd of West London has been handed a record fine after it breached strict AML/CFT rules.  The company was fined by HMRC for a wide range of serious failures under the Money Laundering Regulations between June 2017 and September 2018.  Hassanien Touma was also banned on 20th May from any management roles at a business governed by AML regulations after he acted as an officer for the money service business and failed to pass a vetting test to ensure he was fit and proper to carry out the role.

https://www.accountancydaily.co/forex-business-record-ps78m-money-laundering-fine-ignored-regulations

https://www.gov.uk/government/news/money-sender-fined-record-78-million-in-money-laundering-crackdown

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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