January 7, 2021

HMRC issues largest AML fine ever

HM Revenue and Customs of the United Kingdom has issued a £23,828,092 (approximately $32.5 million) penalty against MT Global Ltd Money Service Business, a UK-based money transfer company founded in 2003 and operating in the UK, Europe and Canada.  The company provides remittance services in 97 countries.

HMRC found that MT Global violated Regulations 18, 19, 24, 27, 28, 33 and 40 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 between July 2017 and December 2019, by failing to carry out risk assessments and due diligence as warranted, and by not having the correct policies, controls and procedures for anti-money laundering compliance and record keeping.  MT Global does not have the right to appeal the penalty.

HMRC press release | HMRC Compliance and Registration Penalties 2020