HM Revenue and Customs (HMRC) continues its fight against money laundering with the announcement of a record fine against a west London business. Money Transmitter Touma Foreign Exchange Ltd has been fined £7.8 million for breaching the Money Laundering Regulations between June 2017 and September 2018.
It was found that the company breached several regulations concerning adequate staff training, customer due diligence and risk assessments. Mr Hassanien Touma, who founded the business in 2011, has been banned from any management roles at any business governed by the anti-money laundering regulations.
The fine comes after a separate HMRC crackdown on money services businesses, conducted alongside the Metropolitan Police and Financial Conduct Authority (FCA). The month-long crackdown saw officers execute warrants at twelve addresses across west London. To read more about HMRC’s fight against money laundering, click here.