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Ignoring AML Regulations Costs Firm £7.8million

31st October 2019

HMRC has issued its largest ever fine for non-compliance of anti-money laundering regulations.

Touma Foreign Exchange, London-based money service, faces a £7.8m fine for AML regulation breaches between June 2017 and September 2018.
During this time, the company failed to follow legislation around risk assessment policies and procedures, due diligence or provide adequate staff training.

“We mean business.”

HMRC, the Metropolitan Police and the Financial Conduct Authority (FCA) are engaged in a nationwide crackdown.
Simon York, director of Fraud Investigation Service at HMRC declared that any business who does not adhere to the AML regulations, “either by ignorance or design” will face the same stringent measures.

Are You Ready for the Fifth Money Laundering Directive (5AMLD)?

  • Do you have a nominated officer and deputy in place?
  • Is a workflow in place for enhanced due diligence?
  • Are you following a clear set of policies and procedures?
  • Do you have a clear, branch-wide risk assessment?
  • Are your staff adequately trained?
  • For audits, are all your data secure and easy to access?

Next steps to Compliance Safety

There are now less than 4 months to go before the 5AMLD comes into force and several of the amendments were highlighted in the Touma Foreign Exchange case. Staff training and a more proactive stance on due diligence were all Touma failings.
Contact Landmark Estate Agency Services and see how we can help get your affairs in order before you get bogged down in another set of regulatory updates. We provide a range of services to help keep you compliant.
Landmark’s flagship service Compliance in a Box reduces hours of manual compliance work to seconds. We’ve tailored our services to meet with every business need:

  • A simple pay-as-you-go solution
  • Outsource your compliance to a specialist team
  • A fully integrated solution to plug into your existing systems

Our Additional Services, Free to All Our Clients

Compliance in a Box is a range of products designed to keep you compliant with AML
  • You can take advantage of a free AML health-check
  • You will have access to a range of templates for you to use as a starting point for your own AML procedures
  • Our clients can take advantage of our 5 days of AML training

Take the time to have a look at Landmark’s range of compliance products and services.

For more information please call us on 01524 220013.

You can sign up to 5 days of AML training FREE. Receive a series of emails and training videos offer a solid introduction to the world of AML or a convenient refresher.

Find out more



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