UK fines money services business for AML failings

On April 20, 2021, the UK government published an updated list of businesses that have received penalty notices from HM Revenue and Customs since implementation of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. 

The most recent such penalty, £4,467,573, was imposed on Irfan Ltd, a London-based money services business, for not having the correct policies, controls and procedures in place to detect and prevent money laundering; for not keeping adequate records, and; for failing to carry out risk assessments and conduct due diligence.  According to HMRC, Irfan’s conduct violated sections 18, 19, 27, 28, 33, 35, and 40 of the Regulations.  Irfan has not appealed the fine.

In January 2021, HMRC imposed the largest anti-money laundering fine ever, £23,828,092, against MT Global Ltd.

HMRC AML penalty list

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