On 3rd October 2023 the Times & other newspapers reported that the Financial Conduct Authority had fined the British broking division of Archer-Daniels Midland for "inadequate" anti-money laundering controls. They had expressed concerns about the firm's anti-money laundering controls first in 2014, but on a later visit found that no remedial action had been taken.
Failings included that customer risk assessments that were “basic”; a company-wide money laundering risk assessment was not conducted; little evidence was found to support adequate monitoring with periodic customer reviews; and outdated policies that referred to old legislation were discovered.
The FCA imposed a fine of £6.5 million.
AML Help for FCA Regulated firms
We will work with SME businesses (primarily Fintechs and start-ups) in the following sectors in the UK:
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Other AML Support for Financial Services Firm
MLRO Support Retainer - Financial Services
We can also help with FCA Licencing or Registration
