UK’s Revenue and Customs (HMRC) department has issued its latest list of businesses that have received fines for AML violations. This list includes money transfer company MT Global Limited, with the largest ever fine issued by HMRC, for serious violations during 2017-19. MT Global’s violations included inadequate risk assessments and controls, and inefficient customer due diligence measures.
HMRC supervises over 30,000 businesses across the UK, of which 1500 are major money service businesses (MSBs). HMRC helps these firms safeguard themselves against financial criminals through a close collaboration with law enforcement agencies and government departments.
In 2019-20, HMRC issued penalties of over £9.1 million ($12.4m) and banned 89 non-compliant businesses and individuals. Notably, last year, HMRC had levied a £7.8 million ($10.6m) fine against a single London-based MSB for violating AML regulations. As a warning to non-compliant businesses, HMRC has reiterated its enforcement powers that it can use against them, including civil penalties, criminal proceedings and removal from the register.
Source: Government of UK