OFT has revoked the licence of MCO Capital Limited, a payday lender, for breaches of the Money Laundering Regulations (MLR) and imposed a financial penalty on it of£544,505. It found the firm failed properly to verify the identity of applicants for loans. This led to fraudsters targeting the firm and successfully applying for millions of pounds' worth of loans using the personal details of over 7,000 individuals. OFT also found the firm used unfair business practices by writing to people who it knew may not have taken out loans demanding repayment. It also failed to stop this practice when OFT asked it to do so.(Source: OFT Revokes Lender Licence for MLR Breaches)