UK: Money sender fined record £7.8 million in money laundering crackdown


September 4 2019

The fight against money laundering has taken a significant step forward today (4 September 2019), as HM Revenue and Customs announces a record fine against a London business for breaching strict regulations, which could have left them at the mercy of criminals looking to wash dirty cash.

West London money transmitter Touma Foreign Exchange Ltd ignored anti-money laundering regulations and received a £7.8 million penalty. Details of the fine were published on GOV.UK today, as HMRC continues to use its powers to crack down on those that break the rules.