In May 2012 the FSA issued Final Notices fining Habib Bank AG Zurich (“Habib”) £525,000 for failure to take reasonable care to establish and maintain adequate anti-money laundering (“AML”) systems and controls and fining its former Money Laundering Reporting Officer (“MLRO”) Syed Hussain £17,500 for failure to take reasonable steps to ensure that Habib complied with relevant AML requirements. Please click here for our update which summarises the decisions and identifies the key messages for MLROs.
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FSA fines bank and its former MLRO for failure to comply with anti-money laundering requirements
- Herbert Smith Freehills LLP
- Martyn Hopper, Karen Anderson and Susannah Cogman
- United Kingdom
- May 31 2012
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